I really REALLY didn’t want to have to do another Covid thread. Really. But given the numbers are on the rise - along with the inevitable hot takes (we’re heading for disaster! The vaccines aren’t working!), I’m dipping my toe back in the waters. Hopefully not for long. 🧵
Let’s start with this chart. You’ve prob seen it elsewhere. This Scary Chart shows that the UK’s COVID situation looks UNIQUELY terrible. Just look at that red line compared with other countries!
But that chart 👆misses out the most important bit of context: for better or worse the UK is doing far more Covid testing than almost any other country (first chart here). Put those two datapoints together to see positive tests as a % of total and UK situation looks less dramatic
In broad terms, UK prevalence is certainly rising. Certainly higher than in much of Europe. But it’s nowhere near as dramatic as that initial chart implies. Similar thing for hospitalisations, where the real outlier is the US. UK def on the rise though.
Much the same story for deaths. Rising above much of Europe, but NB UK was well below the rest most of summer.
The point is not to diminish these deaths. They are on the rise and that’s significant.
But there’s no point in scary charts that misrepresent the scale of the issue.
OK that’s enough cross-country comparisons. How is the situation in the UK re cases, admissions and deaths? These charts tell some of that story. In short, the vaccines seem to be doing their job. Back in the late 2020 wave, look how correlated those lines were. Not any more.
I say the “vaccines are working”. But hang on: in that case why are even more vaccinated people dying of COVID now than unvaccinated people?
The answer comes back to CONTEXT, which is all-important here. Consider the latest data from English hospitals… assets.publishing.service.gov.uk/government/upl…
In the most recent period (13 Sept - 10 Oct) there were 2,805 Covid deaths in this database.
2,136 of them were fully-vaccinated.
Only 557 of were unvaccinated people (NB by unvaccinated I mean no doses at all).
Easy to assume from that the vaccines aren’t working. But hold on
Let’s deal with the most important function of vaccines: to reduce the likelihood of death. Are they doing that?
To find that out we need to check these numbers against two important bits of context: vs age and vs total caseload. In short, to work out a crude case fatality rate
The point here is we want to compare like with like. Age groups with age groups. Because, as we all know, covid mortality is very age-dependent.
So first let's break down those 2,805 deaths by age. And unsurprisingly the vast majority (2,486) are among those aged over-60.
Now let’s take those 2,486 Covid deaths among over-60s and check the percentage who are double vaccinated: 80%. Very high. But lower than the% of this age group which is double vaccinated.
We can’t get a CFR, crude or otherwise, without comparing those deaths to the total number of cases among that age group: 72,063 (so high I needed to shrink the deaths bar so they’re in proper proportion).
88% of those cases were vaccinated.
88% vs 80%. Not much difference. But…
Now let's do the final bit necessary to come up with a CFR and work out what percentage of those cases - vaccinated and unvaccinated respectively.
So we divide the small bits by the big bits...
And here's what you end up with.
Among over-60s, the percentage of these FULLY VACCINATED covid cases (63,767) who go on to die is 3.2%.
Among the same age group, the percentage of UNVACCINATED (2,691) cases who went on to die was 14.3%.
I suppose the overarching point is to be a bit wary of scary numbers - from all sides.
There is certainly reason for caution and concern re Covid right now. And it's certainly right to scrutinise whether the vaccines are doing the job.
But CONTEXT MATTERS!
Oh and let me know if those animated charts are helpful or just annoying. Something of an experiment. Full video explainer of all this with me prancing around in front of the big screen is on @skynews tonight so, if you aren't already, tune in!
Finally here’s crude case fatality rates by age and vaccination status for all age groups.
As the name suggests, these are crude: for a proper CFR you’d want to tie cases to deaths, while this is more of a snapshot over a period.
But it’s about the best real world data we have.
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🧵
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...
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.
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.