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Delay in imposing lockdown cost thousands of U.K. lives, report says

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Delay in imposing lockdown cost thousands of U.K. lives, report says

Posted | Updated by Insights team:

Publication | Update:

Oct 2021
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LONDON — The British government waited too long to impose a lockdown in the early days of the Covid-19 pandemic, missing a chance to contain the disease and leading to thousands of unnecessary deaths, a parliamentary report concluded Tuesday.

The deadly delay resulted from ministers’ failure to question the recommendations of scientific advisers, resulting in a dangerous level of “groupthink” that caused them to dismiss the more aggressive strategies adopted in East and Southeast Asia, according to the joint report from the House of Commons’ science and health committees.

It was only when Britain’s National Health Service risked being overwhelmed by rapidly rising infections that Prime Minister Boris Johnson’s Conservative government finally ordered a lockdown.

“There was a desire to avoid a lockdown because of the immense harm it would entail to the economy, normal health services and society,’’ the report said. “In the absence of other strategies such as rigorous case isolation, a meaningful test-and-trace operation, and robust border controls, a full lockdown was inevitable and should have come sooner.’’

The U.K. parliamentary report comes amid frustration with the timetable for a formal public inquiry into the government’s response to Covid-19, which Johnson says will start next spring.

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Lawmakers said their inquiry was designed to uncover why Britain performed “significantly worse” than many other countries during the early days of the pandemic so that the U.K. could improve its response to the ongoing threat from Covid-19 and prepare for future threats.

The 150-page report is based on testimony from 50 witnesses, including former Health Secretary Matt Hancock and former government insider Dominic Cummings. It was unanimously approved by 22 lawmakers from the three largest parties in Parliament: the governing Conservatives and the opposition Labour Party and the Scottish National Party.

The committees praised the government’s early focus on vaccines as the ultimate way out of the pandemic and its decision to invest in vaccine development. These decisions led to Britain’s successful inoculation program, which has seen almost 80 percent of people 12 and over now fully vaccinated.

“Millions of lives will ultimately be saved as a result of the global vaccine effort in which the U.K. has played a leading part,” the committees said.

But they also criticized the government’s test-and-trace program, saying its slow, uncertain and often chaotic performance hampered Britain’s response to the pandemic.

The government’s strategy during the first three months of the crisis reflected official scientific advice that widespread infection was inevitable given that testing capacity was limited; that there was no immediate prospect for a vaccine; and the belief that the public wouldn’t accept a lengthy lockdown, the report said. As a result, the government sought merely to manage the spread of the virus, instead of trying to stop it altogether.

The report described this as a “serious early error” that the U.K. shared with many countries in Europe and North America.

“Accountability in a democracy depends on elected decision-makers not just taking advice, but examining, questioning and challenging it before making their own decisions,” the committees said. “Although it was a rapidly changing situation, given the large number of deaths predicted, it was surprising the initially fatalistic assumptions about the impossibility of suppressing the virus were not challenged until it became clear the NHS would be overwhelmed.”

Trish Greenhalgh, a professor of primary care health services at the University of Oxford, said the report “hints at a less-than-healthy’’ relationship between government and scientific bodies.

With Covid-19 still killing hundreds of people every week in Britain, advisory committees continue to debate exactly what evidence is “sufficiently definitive” to be considered certain, she said.

“Uncertainty is a defining feature of crises," Greenhalgh said. “Dare we replace ‘following the science’ with ‘deliberating on what best to do when the problem is urgent but certainty eludes us’? This report suggests that unless we wish to continue to repeat the mistakes of the recent past, we must.”

Even senior officials like Cummings and Hancock told the committees they were reluctant to push back against scientific consensus.

Hancock said as early as Jan. 28, 2020, he found it difficult to push for widespread testing of people who didn’t show symptoms of Covid-19 because scientific advisers said it wouldn’t be useful.

“I was in a situation of not having hard evidence that a global scientific consensus of decades was wrong but having an instinct that it was,” he testified. “I bitterly regret that I did not overrule that scientific advice.”

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Forecast methodology

The future outlook “forecast” is based on a set of statistical methods such as regression analysis, industry specific drivers as well as analyst evaluations, as well as analysis of the trends that influence economic outcomes and business decision making.
The Global Economic Model is covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure. We aim update our market forecast to include the latest market developments and trends.

Forecasts, Data modelling and indicator normalisation

Review of independent forecasts for the main macroeconomic variables by the following organizations provide a holistic overview of the range of alternative opinions:

  • Cambridge Econometrics (CE)

  • The Centre for Economic and Business Research (CEBR)

  • Experian Economics (EE)

  • Oxford Economics (OE)

As a result, the reported forecasts derive from different forecasters and may not represent the view of any one forecaster over the whole of the forecast period. These projections provide an indication of what is, in our view most likely to happen, not what it will definitely happen.

Short- and medium-term forecasts are based on a “demand-side” forecasting framework, under the assumption that supply adjusts to meet demand either directly through changes in output or through the depletion of inventories.
Long-term projections rely on a supply-side framework, in which output is determined by the availability of labour and capital equipment and the growth in productivity.
Long-term growth prospects, are impacted by factors including the workforce capabilities, the openness of the economy to trade, the legal framework, fiscal policy, the degree of government regulation.

Direct contribution to GDP
The method for calculating the direct contribution of an industry to GDP, is to measure its ‘gross value added’ (GVA); that is, to calculate the difference between the industry’s total pre­tax revenue and its total bought­in costs (costs excluding wages and salaries).

Forecasts of GDP growth: GDP = CN+IN+GS+NEX

GDP growth estimates take into account:

  • Consumption, expressed as a function of income, wealth, prices and interest rates;

  • Investment as a function of the return on capital and changes in capacity utilization; Government spending as a function of intervention initiatives and state of the economy;

  • Net exports as a function of global economic conditions.

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Market Quantification
All relevant markets are quantified utilizing revenue figures for the forecast period. The Compound Annual Growth Rate (CAGR) within each segment is used to measure growth and to extrapolate data when figures are not publicly available.

Revenues

Our market segments reflect major categories and subcategories of the global market, followed by an analysis of statistical data covering national spending and international trade relations and patterns. Market values reflect revenues paid by the final customer / end user to vendors and service providers either directly or through distribution channels, excluding VAT. Local currencies are converted to USD using the yearly average exchange rates of local currencies to the USD for the respective year as provided by the IMF World Economic Outlook Database.

Industry Life Cycle Market Phase

Market phase is determined using factors in the Industry Life Cycle model. The adapted market phase definitions are as follows:

  • Nascent: New market need not yet determined; growth begins increasing toward end of cycle

  • Growth: Growth trajectory picks up; high growth rates

  • Mature: Typically fewer firms than growth phase, as dominant solutions continue to capture the majority of market share and market consolidation occurs, displaying lower growth rates that are typically on par with the general economy

  • Decline: Further market consolidation, rapidly declining growth rates

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The Global Economic Model
The Global Economic Model brings together macroeconomic and sectoral forecasts for quantifying the key relationships.

The model is a hybrid statistical model that uses macroeconomic variables and inter-industry linkages to forecast sectoral output. The model is used to forecast not just output, but prices, wages, employment and investment. The principal variables driving the industry model are the components of final demand, which directly or indirectly determine the demand facing each industry. However, other macroeconomic assumptions — in particular exchange rates, as well as world commodity prices — also enter into the equation, as well as other industry specific factors that have been or are expected to impact.

  • Vector Auto Regression (VAR) statistical models capturing the linear interdependencies among multiple time series, are best used for short-term forecasting, whereby shocks to demand will generate economic cycles that can be influenced by fiscal and monetary policy.

  • Dynamic-Stochastic Equilibrium (DSE) models replicate the behaviour of the economy by analyzing the interaction of economic variables, whereby output is determined by supply side factors, such as investment, demographics, labour participation and productivity.

  • Dynamic Econometric Error Correction (DEEC) modelling combines VAR and DSE models by estimating the speed at which a dependent variable returns to its equilibrium after a shock, as well as assessing the impact of a company, industry, new technology, regulation, or market change. DEEC modelling is best suited for forecasting.

Forecasts of GDP growth per capita based on these factors can then be combined with demographic projections to give forecasts for overall GDP growth.
Wherever possible, publicly available data from official sources are used for the latest available year. Qualitative indicators are normalised (on the basis of: Normalised x = (x - Min(x)) / (Max(x) - Min(x)) where Min(x) and Max(x) are, the lowest and highest values for any given indicator respectively) and then aggregated across categories to enable an overall comparison. The normalised value is then transformed into a positive number on a scale of 0 to 100. The weighting assigned to each indicator can be changed to reflect different assumptions about their relative importance.

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The principal explanatory variable in each industry’s output equation is the Total Demand variable, encompassing exogenous macroeconomic assumptions, consumer spending and investment, and intermediate demand for goods and services by sectors of the economy for use as inputs in the production of their own goods and services.

Elasticities
Elasticity measures the response of one economic variable to a change in another economic variable, whether the good or service is demanded as an input into a final product or whether it is the final product, and provides insight into the proportional impact of different economic actions and policy decisions.
Demand elasticities measure the change in the quantity demanded of a particular good or service as a result of changes to other economic variables, such as its own price, the price of competing or complementary goods and services, income levels, taxes.
Demand elasticities can be influenced by several factors. Each of these factors, along with the specific characteristics of the product, will interact to determine its overall responsiveness of demand to changes in prices and incomes.
The individual characteristics of a good or service will have an impact, but there are also a number of general factors that will typically affect the sensitivity of demand, such as the availability of substitutes, whereby the elasticity is typically higher the greater the number of available substitutes, as consumers can easily switch between different products.
The degree of necessity. Luxury products and habit forming ones, typically have a higher elasticity.
Proportion of the budget consumed by the item. Products that consume a large portion of the consumer’s budget tend to have greater elasticity.
Elasticities tend to be greater over the long run because consumers have more time to adjust their behaviour.
Finally, if the product or service is an input into a final product then the price elasticity will depend on the price elasticity of the final product, its cost share in the production costs, and the availability of substitutes for that good or service.

Prices
Prices are also forecast using an input-output framework. Input costs have two components; labour costs are driven by wages, while intermediate costs are computed as an input-output weighted aggregate of input sectors’ prices. Employment is a function of output and real sectoral wages, that are forecast as a function of whole economy growth in wages. Investment is forecast as a function of output and aggregate level business investment.

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