Here’s a story about a #COVID19 datapoint that looks very scary, but turns out to be quite reassuring.
The statistic is buried in a recent @PHE_uk release.
I’ve ringed it here.
It’s the no of double-jabbed people who’ve died with Delta variant assets.publishing.service.gov.uk/government/upl…
More vaccinated people are dying w/ the Delta variant of #COVID19 than unvaccinated.
Indeed, look at those aged over-50 and the proportion is even higher:
279 vaccinated people dying vs 131 unvaccinated.
More than double.
Scary, right? Well not necessarily…
Let’s run through it
There are two things to bear in mind here.
First, the vaccines are not 100% effective. They reduce your likelihood of dying of the disease. But even after vaccination some age groups are still relatively vulnerable. @d_spiegel explained this well here theguardian.com/theobserver/co…
Here’s a useful @Johnnmurdoch chart illustrating this (I’ve done a similar one for @skynews tonight).
Post-vax, a 90 year old faces similar risk as an unvaxxed 60yo. Same thing for an 80yo: after being jabbed, similar risk profile to an unjabbed 50yo.
Risk reduced. Not eliminated
The second thing to bear in mind is that the vast majority of over 50s in the UK - the age group most likely to face these higher mortality levels - are vaccinated. About 91% at present. And, over the period that PHE data covers, around 89% had at least one jab…
Now, back to the figs from that PHE dataset - the one that shows the majority of hospitalisations and deaths among over-50s were vaccinated. First thing to do is to compare the case numbers with the hospitalisations.
Like this. Notice anything?
That’s right: the dark blue bit of the bottom bar - the hospitalisations - is smaller than in the top bar - all the cases.
To put it another way, consider the proportion of Delta cases among over-50s that turn into hospitalisations:
3.5% among vaccinated
8.4% among unvaccinated
In other words, the hospitalisation-per-case ratio for those over-50s who are unvaccinated is 2.4 times higher than for those who have had one or more jab.
So they ARE effective.
Yet, and this is the crucial bit, the NUMBER of vaxxed people hospitalised is nonetheless higher
Similar thing for the death figures.
Remember those numbers above👆: 279 vaccinated people dying, vs 131 unvaccinated.
How do they look when we put them into the same kind of context…?
Compare the blue/red proportions in the bars
Of those vaccinated over-50s who caught Delta, 2% died.
But of those unvaccinated over-50s who caught Delta, 5.6% died.
That’s a significant difference, yet is only really apparent when you compare cases with deaths.
Looking at deaths alone is misleading.
Indeed, with 2.8 times more deaths per case among the unvaccinated portion of cases, you’re talking about high levels of vaccine effectiveness. How high? Perhaps 70-80%, but I’d be wary of putting too much weight on this dataset as I’m not sure it’s representative of the pop’n
It’s a reminder of something we’ve often encountered throughout #COVID19. CONTEXT IS EVERYTHING.
As populations become mostly vaccinated, simple numbers of hospitalisations/deaths will be dominated by the vaccinated.
It doesn’t mean the vaccines aren’t working as expected
Why are so many of those being hospitalised and dying of #COVID19 in the UK vaccinated? Here's a short video breaking down the numbers
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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...