Ed Conway Profile picture
Sep 30, 2020 16 tweets 7 min read Read on X
One problem with using #COVID19 trajectories to work out where we may be heading is question marks over the data - something illustrated brilliantly by this chart via @AlexSelbyB. Official case numbers look v v high now, but we weren't measuring cases v well back in spring. Image
Upshot is charts of cases alone are of limited use - and this is before you get to questions about whether the testing figs are reliable. We could look at positive tests as % of total (chart 2). It adjusts for fact we're doing more testing. But is that early data reliable? ImageImage
The best measure of #COVID19 prevalence in England is prob the @ONS infection survey but again: it started after the peak. And right now what we REALLY need to gauge is not post peak but the run up to the peak Image
The great unknown (and there are theories abt this but not much data) is whether the bit BEFORE the data we have on cases/positivity looked anything like what we are going through NOW. To me - someone watching this purely through a data prism - this seems really, really important Image
Now, eventually we will know because the early data on deaths are far more reliable (for all their faults) than the case data. The problem is by the time we notice we're on the same path it will almost certainly be too late. So we certainly shouldn't just focus on deaths.
What about hospitalisations data? Again, a bit patchy since there's a big gap at that start which begs the same question again: what was happening in those early weeks? Is it similar to what we're going through now or v different? Image
All of these unsettling gaps are why it's also worth looking not just at our own past but at our plausible future. This is why we focused so much on Spanish/Italian trajectories last time around. The disease seems to spread in the same way in most medium-sized countries.
Sadly last time around the most reliable cross-country comparisons were of deaths because of those 👆data gaps. This time around the case data is better (not brilliant, but better), so we can compare our trajectory to other countries going through similar outbreaks. Image
All of which is a long winded way of explaining why I keep updating this chart. And why I was a bit sceptical about @uksciencechief's chart last week suggesting the UK outbreak could go in a v different direction. From early on in this outbreak we've been following France/Spain Image
If this continues - and it's a big if, but it is what happened in the last outbreak and seems to be happening thus far this time too - we can potentially look at other data from France/Spain to try to fill in those gaps in the cases/hospitalisations charts above...
So far the paths they're following in France/Spain look different to spring. Look at hospitalisations. Crucially, these data should be more reliable at depicting those intense spring months than case data. And the increase in recent weeks is more gradual than Feb/March Image
Here's ICU admissions. Similar picture. Now I don't think these charts alone fill in the gaps we have in that early data yet. But in a few weeks they might have. If they start to spike then it looks probable UK will too. If they don't then UK may not. Image
Early signs are broadly promising: the 7day average daily new cases in France and Spain is no longer rising and has actually fallen a bit in the past day or two. In Spain the % of positive tests also seems to have peaked. Then again it's still rising fast in France Image
It's too early to be certain this is not a repeat of the first wave. But much of the data thus far seems to be consistent with that. Why? Restrictions? Mask wearing? Better treatments? Better shielding? Or way too early to say? My vote is def for the latter...
Most striking thing from today's press conference? @CMO_England admitting the govt underestimated the doubling time of #COVID19 in the first wave. It's true. And I'd argue it was in part because they paid too little attention to what was happening in Italy/Spain/France.
The next question is whether the response to having messed up last time is to swing entirely in the other direction (assume cases are heading through the roof) or to pay more attention to European epidemiology. I'd argue the latter - as I lay out in the thread above. 👆

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More from @EdConwaySky

May 15
V interesting new analysis out today from the @IPPR.
There have been plenty of reports saying we need to do what we can to rebuild manufacturing & grow green tech.
But WHICH SECTORS could the UK actually compete in? This report provides some of the answers news.sky.com/story/rapid-st…
Full report here👇
It's precisely the kind of forensic work this govt (or the next one) needs to do on industrial strategy. We can't hope to compete with China & the US in EVERY field. So what do we focus on?
They say: heat pumps, wind and green transport ippr.org/articles/manuf…
Now a few key charts from the @ippr report. Some are also in the TV report we're running on @skynews today.
First off (and most depressingly) the UK has deindustrialised faster than any other developed economy. We've actually LOST a lot of our expertise and competencies Image
Read 6 tweets
May 14
🧵
Joe Biden has just confirmed he's going to raise the special tariff on electric vehicles coming from China to 100%.
Also new tariffs on batteries and solar panels.
What's going on here?
Here's a quick primer with some charts 👇
First off, a recap on what's happened with tariffs.
The standard tariff on cars is 2.5% - that's what most other nations pay.
Trump levied an extra 25% tariff on China in 2018.
Now far from changing course, Biden is doubling down - or rather quadrupling down.
Now it'll be 102.5%
Why is this happening?
Well, a big part of it is politics.
But the other part of it comes back to this chart👇
China has come from nowhere in the past few years to become a car exporting powerhouse.
Just look!
And this is almost entirely because of electric cars Image
Read 13 tweets
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

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