Matt Hancock confident vaccines will work on UK virus strain


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UK Health Minister Matt Hancock has said there is "high degree of confidence" that current vaccines are effective against the UK Covid variant.

He also said that there were early signs that the lockdown was working, an assertion seemingly corroborated by the daily case rate figures which on Monday were at their lowest since the beginning of the year.

The UK reported 22,195 new confirmed infections, well down from Sunday's figure of 30,004.

Deaths were also marginally lower, at 592 compared to yesterday's 610.

In further good news Mr Hancock revealed that four in five over 80s had now received their first vaccine dose and that the proportion of people refusing to be inoculated was very low.

He did caution that vaccine supplies were getting "tight" but will have been reassured by the findings of a leading British immunologist who said on Monday that “rock solid” evidence proves there is no need to reduce the gap between doses from the current 12-week period.

Professor Adam Finn from the University of Bristol rebuked the British Medical Association after the doctors' association called for a shorter gap between Pfizer/BioNTech vaccine doses in the UK.

The remarks came as Prof John Bell, a UK government scientific adviser, said Covid-19 was becoming "more efficient at living in humans", as he highlighted the complexity of new strains of the virus found in South Africa and Brazil.

Prime Minister Boris Johnson said the "vaccine-busting" new variants of coronavirus had forced him to consider toughening the UK's border controls with the cabinet to decide on Tuesday whether to introduce hotel quarantine for new arrivals.

"We have to realise there is at least the theoretical risk of a new variant that is a vaccine-busting variant coming in - we've got to be able to keep that under control," he said.
"We want to make sure that we protect our population, protect this country against reinfection from abroad."

Mr Johnson confirmed that the was looking at the option of quarantine hotels - where inbound travellers pay to be isolated at a hotel on arrival. In Australia, arrivals have to quarantine for a minimum of 14 days at a hotel.

"That idea of looking at hotels is certainly one thing that we are actively now working on," he said.

The UK last week closed all of its remaining travel corridors, forcing all new arrivals to enter mandatory 10-day quarantine at home, as Mr Johnson said the country needed to guard the inoculation programme from new variants of the virus.

More than 6.3 million people in the UK have been given their first dose of the Covid-19 vaccine, including three-quarters of those aged over 80.

But the BMA on Sunday warned that the current 12-week gap between the first and second doses could reduce the effectiveness of the shot.

Pfizer recommends 21 days between doses but the UK medicine regulator allowed the longer window to give more people at least some level of protection against the virus.

Nurse Debbie Briody prepares to adminster the Pfizer/BioNTech Covid-19 vaccine to Amanda Thompson in Glasgow. AFP
Nurse Debbie Briody prepares to adminster the Pfizer/BioNTech Covid-19 vaccine to Amanda Thompson in Glasgow. AFP

BMA chairman Dr Chaand Nagpaul said the UK should follow “best practice” and reduce the gap to six weeks.

He pointed to World Health Organisation analysis that said second doses of the Pfizer/BioNTech vaccine should only be delayed “in exceptional circumstances”.

Prof Finn, however, said there was a strong body of evidence from other vaccines, including the Oxford/AstraZeneca product, that shows levels of protection do not diminish over 12 weeks.

"It's likely there will be persistent and even increasing protection over that time," he told the BBC's Radio 4 Today programme. "We know that for the Oxford vaccine and we know it for many other vaccines as well."

He criticised the BMA for failing to “understand the issues” before making a public statement.

“This ‘absence of evidence’ story ignores the fact that there is rock solid evidence that if you give the dose to more people you give them protection and save lives,” Prof Finn said.

Pfizer and BioNTech said earlier this month there was “no data” to support the change in vaccination schedule, warning that its dose was not designed for the longer window.

Researchers at the University of Bristol are currently analysing hospital data to determine if the extended time between vaccines was having an effect on admission rates among people inoculated.

Prof Finn said the results of this study will be released within two weeks.

Meanwhile, Mr Johnson said the government would be "looking at the potential of relaxing some measures" before mid-February.

MPs had been calling for Number 10 to lay out a "route map" for reopening schools after Health Secretary Matt Hancock suggested at the weekend they may remain closed until Easter.

A dozen Conservative Party MPs warned publicly that pupils risk becoming the pandemic's "forgotten victims" and demanded schools fully reopen sooner.

The group - which includes former Cabinet minister Esther McVey and Graham Brady, head of an influential committee of Conservative backbenchers - backed a parents' pressure group campaign on the issue.

"We need to get our children learning again," Conservative MP for Harlow Rob Halfon, chairman of parliament's watchdog education committee, said on Twitter.

"The engine of government should be directed towards opening our schools. We face an epidemic of educational poverty and mental health otherwise."

Mr Johnson said the government would tell teachers and parents when schools in England could reopen "as soon as we can".

"We've now got the R [reproduction rate] down below 1 across the whole of the country, that's a great achievement, we don't want to see a huge surge of infection just when we've got the vaccination programme going so well and people working so hard," he said.

"I understand why people want to get a timetable from me today, what I can tell you is we'll tell you, tell parents, tell teachers as much as we can as soon as we can."

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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