Ed Conway Profile picture
Jun 25, 2021 17 tweets 8 min read Read on X
Few thoughts on UK COVID data.
There’s good news and bad news.
But the good news is that the good news outweighs the bad IMHO.
Let’s start with cases. They’re growing in the UK at a decent snap, albeit not as fast as winter. You can see this better in the log chart (2)
But the real question is not just about cases but whether they’re turning into deaths.
That was the case for most of the pandemic: look at how correlated these lines are.
But now look bottom right. Do they seem to be diverging? Looks like it (albeit still quite early days)
That brings me to the most encouraging bit of data out recently: the case fatality rate of the Delta/Indian variant vs Alpha/Kent and others.
Look! While 2% of those catching Alpha died, the CFR for Delta is only 0.3%. Massive improvement.
It’s hard to overstate how big a deal this is. Clearly death is not the only consequence of #COVID19. There’s long covid, most notably.
Even so, the fact that a far smaller % of people are dying is incredibly good news.
Early data, so will need to monitor it. But still… 🤞
And in case it wasn’t already clear, this is not a consequence of the variant itself, which seems on the basis of early evidence to cause MORE hospitalisations. It’s because so many people are vaccinated that only a small % are catching it and even smaller are dying of it.
Now clearly deaths always lag cases, so we need to be cautious and look at as many datapoints as poss to test the thesis that the link between cases & deaths is weakening. Let’s look at hospital admissions.
Again, note the correlation during winter. And some divergence recently.
The pattern is somewhat less clear than with deaths because while deaths are flat, hospitalisations are growing. But look at the growth rates.
Cases going up 4.7% over the past fortnight. Admissions up 3.4%.
Doesn’t sound like a big difference but in practical terms it’s enormous
Extrapolate these lines forward (simple projection based on past 14 day growth rate) and here’s what you get by 19 July:
40k #COVID19 cases a day.
560 hospitalisations a day.
So. On “Freedom Day” the caseload could be 2/3 of the winter peak!
Sounds scary, right…
But 560 daily hospitalisations represents only 13% of the winter peak.
Far more manageable for the NHS.
You see the issue.
Even as UK lifts lockdown, one key statistic, the one we’ve prob focused on the most during the pandemic, will be at levels which hitherto rang alarm bells
It’s a tricky one. We’ve spent the past 18 months telling ourselves that sure as night follows day, cases => hospitalisations => deaths.
And while there’s clearly still a link and people are still suffering, this heuristic is nowhere near as powerful as it once was.
Which is why this point matters. It will be very easy in the coming weeks to take case numbers and make them look utterly terrifying. But the reality is much more nuanced. And that’s going to be v tricky for all of us to internalise.
None of this is to say the numbers aren’t, well, a bit unnerving. The ONS data now suggests cases are on the way up too, so it’s not just the dashboard (tho the @ONS infection number is still a tad less steep than the gov.uk numbers)
Look at the breakdown of UK nations and Scotland looks like it’s going through the ceiling. A while back this would be an instant red flag. But again: remember that the equation has changed. High cases don’t necessarily mean high hospitalisations/deaths
Let’s not forget that in comparison with where many epidemiologists thought we might be now, we’re doing incredibly well.
This is the Imperial chart of what might happen to hospitalisations as lockdown was eased.
Right hand chart is what happened (the circular dots)
One other thing worth bearing in mind: part of reason UK cases are rising so fast is the delta/Indian variant. Nearly all UK cases are now Delta. But most of the rest of Europe is basically now where the UK was a month ago.
Chart is delta % in various countries:
Also worth bearing in mind it needn’t have been quite like this. It’s quite plausible UK could have staved off arrival of Delta. (Tho it would prob have got here in the end).
Still, answers from govt abt why it waited so long to put India on red list remain unsatisfactory. Cf:
Full analysis on @SkyNews website: it's time to throw out the old rules of thumb about #COVID19: news.sky.com/story/covid-19…

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More from @EdConwaySky

Dec 9
🧵
What does a trade war look like?
Much of what you've heard about tariffs is prob soundbites from politicians & economists.
But what does a trade war actually FEEL like at ground level?
We've spent the past year working on a film on just that.
Here's some highlights
👇
Best place to start is with this👇
It may look like a lump of metal but don't be fooled.
This is a die: a sort of mould used to shape plastics. Looks simple but it's super-engineered - designed to withstand enormous pressure.
Without dies like this there's no manufacturing... Image
Dies and moulds are the unsung champions in modern mass production.
One of the single most impressive things about Tesla's manufacturing processes is what @elonmusk calls the Gigapress: a massive machine that shapes metal. And at the heart of the gigapress are enormous dies. Image
Read 24 tweets
Dec 1
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👇 Image
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...
Read 5 tweets
Nov 21
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 Image
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...
Read 4 tweets
Oct 21
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 Image
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. Image
Read 8 tweets
Oct 16
🚨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... Image
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" Image
Read 8 tweets
Sep 2
📽️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 Image
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. Image
Read 18 tweets

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