Ed Conway Profile picture
Sep 21, 2020 10 tweets 7 min read Read on X
You’ll probably see this chart a lot today. It’s the one @uksciencechief just showed at the @10DowningStreet briefing today. It’s v v scary & implies if the current growth rate of #COVID19 continues we'll face 49k cases a day by mid October. So. Is this really plausible...?
Well in strict mathematical terms, yes it is. Exponential growth rates are scary. This is precisely the problem with diseases like #COVID19. In the first wave deaths were for a time doubling every 3/4 days. Here's what that chart might look like if we followed last wave. Scarier!
But here's the big problem with @uksciencechief's scary illustrative chart: it's predicated on two presumptions. 1) that we are indeed seeing the disease double every 7 days. 2) it presumes that growth rate will continue. There are quite important challenges to both assumptions.
Let's take 1. first.
Doubling every 7 days works out at about 10.4% daily growth on average. Yet the govt's own estimate of the disease's growth rate, as per the latest R number release on fri, is 2-7%. Odd. Do they have data they're not telling us about? gov.uk/guidance/the-r…
In an exponential world, smallish differences between % growth rates can make a big difference. Here's doubling every 10 days (yellow) vs doubling every 7 days, as per @uksciencechief's line (red).
Still grim. Up to 20k cases a day by mid Oct. But that's barely HALF the level.
But just as important as q1 (the growth rate) is q2: the assumption the rate will not change over time. As @uksciencechief mentioned in his presentation, the UK is not the only country in Europe facing a rise in #COVID19 cases. There's also France and Spain...
In fact, as I've pointed out a fair few times now, Britain's #COVID19 trajectory this time around is eerily similar so far to what we've seen in both France and Spain. Here's where we are now: about 2/3 weeks behind France/Spain. What happens if that continued?
If our #COVID19 growth followed France or Spain (as it has been so far) we'd be at around 10k cases a day by mid October. Not 45k or so.
This is an enormous difference.
10k cases is scary enough. It implies many more deaths & hospitalisations. But 45k cases is way, way worse.
Clearly it's not impossible our case trajectory suddenly leaps as per @uksciencechief's chart. Perhaps he has data we don't have. Though so far there's no sign our trajectory is dramatically different from the ones in France and Spain. If that changes I will of course 🚨
UPDATE: another 4,368 positive #COVID19 cases in the UK in the past 24 hours.
Does that change the overarching picture - that the UK’s cases are following the French/Spanish trajectory - rather than the much steeper illustration from @uksciencechief?
No. Updated chart:

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More from @EdConwaySky

May 2
I hate to be pedantic (and no doubt this will mean I'll be labelled as one of those doomsters @KemiBadenoch is calling out here) but there's a few problems with the data the biz/trade sec is quoting here.
When you correct them, the picture looks a little different...
🧵
Let's start with the big one.
In all the charts in the @biztradegovuk document she quotes from, it looks like export volumes are bigger than ever before 👇
Hurrah!
Except this is true only when you fail to adjust for inflation. Which, as we all know, has been VERY high recently Image
Let's take the same @ONS database and use the inflation-adjusted series, as we really should when comparing flows over time.
Suddenly, what looked like an ever-increasing volume of trade is actually a lot more flat.
Goods exports (dark blue bars) are still well below pre-Brexit. Image
Read 14 tweets
Mar 18
NEW
Britain's motoring lobby group the @SMMT has insisted that an unprecedented 2,000% increase in car exports to Azerbaijan has NOTHING to with Russia and is explained by the fact that this former Soviet state is a “flourishing market in its own right”.
This is rather... odd
🧵 Image
Before we get onto that, some background (thread on this here👇).
TLDR: UK car exports to Russia have collapsed, because of sanctions. But UK car exports to countries neighbouring Russia have suddenly risen by nearly the same amount. Esp Azerbaijan
Following my original report we now have new figs on UK car exports.
They show flows to Azerbaijan have continued. £42m in Jan. 3rd highest EVER.
Now there's no way of being 100% sure what's going on here. you can't track consignments beyond Azerbaijan (if they ever reach Az) Image
Read 13 tweets
Mar 12
🚨The strange tale of British luxury cars & Russian sanctions🚨
🧵A thread on some v striking charts which raise some disturbing questions abt the car industry.
Let's start at the start.
Wealthy Russians love high-end British cars.
Don't just take it from me. Take it from her 👇
So when Russia invaded Ukraine, it was not without significance that all Britain's major carmakers said they would stop sending their cars to Russia.
Anyway, shortly afterwards, the UK imposed sanctions which made it illegal to do so anyway...
There are two sanctions of note here.
First, UK companies cannot send "dual use" items to Russia which could be turned into weapons.
Second, there was a specific ban on the sale of any car over £42k👇
So it's pretty simple. No cars. Esp not luxury cars. legislation.gov.uk/uksi/2022/452/…
Image
Read 15 tweets
Mar 6
💷BUDGET THREAD💷
A few thoughts on what was supposed to be a big event but ended up feeling, well, a wee bit thin.
And that’s the first thing to say.
Strikingly, this Budget was HALF as big as the Autumn Statement. Look at the difference between the scorecard totals 👇
Image
Image
Was it a tax-cutting Budget?
I mean… not really.
Well, OK, the net impact is taxes aren’t going up as quickly as they were 6 months ago.
But (and I think this is pretty crucial) THEY’RE STILL GOING UP. The tax burden will be higher at the end of this Parliament than before.
Here’s a good illustration of that.
The bars here show you the impact, across the economy, of the decision a few Budgets ago to freeze tax allowances. The bars are in negative territory.
People are paying more in taxes as they get dragged into higher thresholds… Image
Read 14 tweets
Feb 23
🧵Here's a thread about an obscure economic theory from a century and a half ago, which is about to become a MASSIVE deal.
⚡️It helps explains why tackling climate change is going to be v v hard. Some say impossible.
The story begins with this building👇
Yes it's the @SphereVegas.
Not just a massive entertainment venue but also the world's biggest screen. By all accounts it's an amazing spectacle both outside and in, where there's also a ginormous wraparound LED screen (also one of the biggest anywhere)
Get up close to that enormous exterior screen & it looks v different.
You see an array of little glowing pucks, each one decked with 48 light emitting diodes (LEDs). These act as the "pixels" of the image you see from miles around. These things are magic businessinsider.com/what-the-las-v…
Image
Read 32 tweets
Feb 21
🚨How British companies are bolstering Vladimir Putin’s war machine🚨
A depressing thread.
But an important one.
With some pretty shocking charts.
Let’s begin with the “official” picture. It suggests UK trade with Russia has collapsed since Feb 2022. Down by 74%… Image
Now let's fill in the data.
Look how we're no longer exporting cars or heavy machinery to Russia. Because the govt is well aware this stuff could be repurposed into weapons. So the official line is that this is a big success story.
Looks like Russia's economy is being starved Image
But clearly the Russian economy isn't doing as badly as all that. Indeed Russia is due to grow faster than any G7 nation this year 👇
And that's just the economy. Now look at the battlefield and Russia is looking v strong. No shortage of weapons/drones etc despite sanctions
Why? Image
Read 17 tweets

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