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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🧵Why, barely 24 hours after the Spending Review, is everyone already going on about tax rises?
Are they REALLY coming?
Or is this an "incoherent argument", as one leading minister calls it?
Well here's a thread explaining what's really going on here.
Bear with me...
First things first.
Key thing to remember is that the main job of HMT is to generate enough money, mostly via taxes (left hand bar here), to finance all its spending (right hand bar).
If that left hand bar isn't high enough, we have to borrow to fill the gap.
That's the deficit!
This week's Spending Review was about the right hand column, obvs. But not ALL of the column.
Actually more than half of govt spending is on stuff that WASN'T covered by the spending review - on benefits, debt interest, pensions etc. It's called "annually managed expenditure"
🧵
You may recall a spate of stories a few years ago about appalling working conditions & abysmally low pay in Leicester's clothes factories.
The hope was those stories would shame businesses into improving working conditions.
But here's what ACTUALLY happened next...
👇
Instead of staying in Leicester, most brands abandoned it & shifted production to N Africa & S Asia.
Today Britain's biggest centre of textile & apparel manufacture is battling the threat of extinction.
It's a mostly untold economic story we've spent recent months documenting
Once upon a time Leicester was the beating heart of UK clothes manufacturing.
The city was dotted with factories making clothes for big name brands.
Now, according to one estimate, the number of clothes factories has dropped from 1500 in 2017 to under 100 this year. A 95% fall.
How big a deal is the new trade agreement unveiled between the US and the UK? Here are some initial thoughts.
Start with this: this is total UK exports to the US over the past 5yrs: £273bn. Right now most of this will face a 10% tariff. Some things (eg cars) face 25% extra
Let's break down that total. The biggest chunk is cars. Just under £30bn. That's covered under the agreement. So too are steel/aluminium exports. Much smaller at £2.7bn...
These sectors will benefit from special deals (though much of the detail still remains vague).
Rolls Royce will apparently get tariff free access for its jet engines. That mostly helps Boeing, but also Rolls Royce. Jet engines comprise a surprisingly large chunk of UK exports to the US, about £17.3bn. So let's shade that red too...
🚨
The Chinese owners of British Steel say they are now considering shutting their blast furnaces and end steelmaking at Scunthorpe in early June - only a few months away.
It would mean an end of virgin steelmaking in the country that invented it during the industrial revolution
British Steel say the main question now is timing: whether the operations will close in June, in September or later.
It says tariffs are one of the reasons the blast furnaces are "no longer financially sustainable".
Press release 👇
The news means @jreynoldsMP faces two interlocking crises in the coming months: 1. The imposition of US tariffs on an ever growing segment of British exports 2. The end of virgin steelmaking (the UK would be the first G7 country to face this watershed moment).
This is big stuff
Donald Trump just announced 25% tariffs on anyone importing oil from Venezuela.
This is odd.
Because the country importing the most crude from Venezuela is... the US.
Capital Economics chart of Ven oil exports by Capital Economics via @rbrtrmstrng
But it raises a bigger point
🧵
Why does the US import so much oil from Venezuela?
Mainly for the same reason it imports so much oil from Canada.
And no it's not just because they're close.
It's because most US refineries are set up to refine the kind of oil they have in Venezuela and Canada.
To understand this it helps to recall that crude oil is actually a broad term. There are LOTS of different varieties of crude - a function of the geology of where the oil formed and the organic ingredients that went into it millions of years ago.
It's called "crude" for a reason
🚨
Here's a thread about ALUMINIUM.
Why this commonplace metal is actually pretty extraordinary.
How the process of making it is a modern miracle...
... which also teaches you some profound lessons about the trade war being waged by Donald Trump. And why it might be doomed.
🧵
Aluminium is totally amazing.
It's strong but also very light, as metals go.
Essentially rust proof, highly electrically conductive. It is one of the foundations of modern civilisation.
No aluminium: no planes, no electricity grids.
A very different world.
Yet, commonplace as it is today, up until the 19th century no one had even set eyes on aluminium. Unlike most other major metals we didn't work out how to refine it until surprisingly recently.
The upshot is it used to be VERY precious. More than gold!