Belatedly catching up with Test & Trace data from yday. Good news is on most metrics the performance of Pillar 2 tests (the private bit of the testing network) have improved from the previous week.
⬇️Time taken to get a test result
⬇️Distance travelled to get a test
That said, across the whole of pillar 2 in England the percentage of people getting test results within 24 hours of taking a test is still just 17% as of 17-23 Sep (eg last week). That's still a lot lower than earlier this summer as you can see from this chart:
Actually when it comes to test turnaround the one area where test processing/delivery seems to be slowing down is pillar 1, which is primarily hospital labs - the bit of the system that had held up best thus far
The Test & Trace stats also provide us with a more reliable measure of the percentage of positive #COVID19 tests. A useful sense check of the case data we get each day. Consistent with UK continuing to follow French/Spanish trajectory. Let's also see what @ONS data says shortly
Breaking: @ONS survey of #COVID19 infections in England has been released.
This is the best measure we have of the prevalence of the disease.
And the good news is it seems the growth rate has slowed since last week.
Ties in with what we're seeing elsewhere in the case numbers
Important to provisos about the @ONS survey.
It's based on modelling; it can change a lot from week to week.
Even so, the picture painted by today's survey is tentatively reassuring.
The disease is still spreading.
But the rate at which cases are multiplying seems to be slowing
Poss the most reassuring #COVID19 chart in months.
This is @ONS’s measure of daily new #COVID19 cases in England - the best measure of its spread, unaffected by testing shortages.
Look: it’s still spreading but the growth rate has flattened.
Early days, but this is promising…
Few reasons to remain cautious despite slowing in @ONS new cases rate: 1. Data can be choppy from week to week 2. #COVID19 still growing; NB we’re talking about the RATE of growth. 3. On basis of what we’re seeing in France/Spain actually getting new cases to FALL takes time…
Finally, it’s clear from the @ONS survey as well as plenty of other sources (eg @PHE_uk data today) that there are hotspots of the disease where, unlike the national picture, it is still spreading.
This is a dangerous disease.
No cause for complacency.
Keep focusing on the data.
Update: 6,968 new #COVID19 cases in UK in past 24 hours, acc to Gov.uk dashboard.
UK case trajectory remains in line with France/Spain.
Rising - but at a slower rate than previous weeks.
Doubling time for cases currently about 30 days on basis of past week
Some people have asked me whether the daily #COVID19 case figs are reliable. Aren’t they distorted by test availability? Here’s one way of gauging that - comparing them (the red line) to the v reliable @ONS survey (black). Key thing is shape - if it’s similar that’s a good sign.
Key thing in this chart is not the difference in levels but the relative similarity in steepness of the recent rise.
The growth in cases we’ve been hearing abt each day isn’t that different from the @ONS one.
Yes that’s a log scale.
Yes it’s England vs UK.
This is a sense check.
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The PM keeps repeating the figure £16bn in relation to the OBR's latest forecasts - giving the impression that this would have left a big hole in the public finances. What he fails to acknowledge is that that this is LITERALLY ONLY ONE PART OF THE STORY.
Here's why...
Yes: the OBR downgraded the fiscal numbers by £16bn (actually £15.6bn) due to weaker productivity (red bar below).
But it also simultaneously UPGRADED them by a whopping £32bn (blue bars).
This chart from @TheIFS shows it pretty clearly👇
Banging on about the £16bn productivity - as the PM did repeatedly in his press conference today - without also mentioning the £14bn inflation UPGRADE and the £17bn of other UPGRADES seems... pretty misleading to me.
It's simply NOT the full picture...
NEW
UK abolishes its "de minimis" rules which exclude cheap imports below £135 from paying tariffs.
A massive deal for the fast fashion/cheap Chinese imports sector: this is the so-called loophole used to great effect by SHEIN and Temu.
Should also bring in some tariff revenue
For more background on this, here's our investigation from earlier this year on de minimis and what it means in practice - including a glimpse inside the planes carrying these imports into the UK 👇
The flip side to this policy is:
a) stuff (yes, a lot of it is tat but even so) will get more expensive
b) it primarily hits lower income households
c) as you'll see from my thread, de minimis was a lifesaver for small regional airports. Its demise is v bad news for them...
NEW
"Data center alley" in North Virginia.
Home to the biggest cluster of server centres in the world.
Here, more than anywhere else, is the global epicentre of AI.
It's where the recent AWS outage happened.
And we've secured rare access INSIDE one of the data centres...
The inside of one of the centres, run by Digital Realty, one of the biggest datacenter companies in the world.
Extremely high security. Long, long corridors, flanked by rooms in which those servers are operating.
This is the very heart of the biggest economic story right now
And inside one of those rooms, here is one of the supercomputers powering the AI boom. This Nvidia DGX H100 is the physical infrastructure making AI a reality.
🚨EXCLUSIVE
The firm at the heart of Britain's critical minerals strategy has ditched plans for a rare earths refinery in the UK, and will build it in the US instead.
It's a serious blow to the Chancellor and her plans for "securonomics" ahead of next month's Budget👇
Not long ago Pensana was being hailed as key to Britain's industrial future.
It had plans to ship rare earth ores to the UK and refine them in a plant just outside Hull, creating 126 jobs and bringing in hundreds of millions of pounds of investment...
Its Saltend site was where the then Biz sec Kwasi Kwarteng launched the govt's official critical minerals strategy a few years ago, saying: "This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future"
📽️Is Britain REALLY facing a 1970s-style fiscal crisis?
Why are investors so freaked out about UK debt?
Is this REALLY worse than under Liz Truss?
Who's to blame? Rachel Reeves? The Bank of England?
And would a bit of productivity really solve everything?
📈 Your 6 min primer👇
OK, so let's break it down.
Start with the chart everyone (well, everyone in Whitehall) is talking about.
The 30yr UK government bond yield. Up to the highest level since 1998. And it's still rising.
Does this mean the UK is facing a fiscal crisis? Let's look at the evidence
First let's compare the UK to other G7 countries.
There's two ways to do this.
First, look at absolute levels👇
And it looks pretty awkward for the UK.
Pre-mini Budget we were middle of the pack. That changed post-Truss. And now, under Labour, the UK is even more of an outlier.
👗Billions of pounds of imports...
↗️Rising by more than 50% a year...
🛬Planes stuffed with cheap clothes...
🇨🇳And a loophole saving Chinese companies from £billions of UK taxes.
Behind the scenes of one of the biggest stories in the modern economy: e-commerce
👇
We've spent months investigating this phenomenon.
- We've got the first official estimate of the scale of cheap untaxed imports into the UK.
- We've seen inside the planes carrying these goods here.
- A whole logistics industry is growing around it.
This is a v big deal!
The story begins with a MASSIVE rise in orders from Chinese e-commerce giants like SHEIN and Temu.
Now, most coverage of these brands focuses on labour standards. An important issue.
But there's something else going on here - something deeper.
A shift in how trade works...