The UK has approved Pfizer and German partner BioNTech’s vaccine for use and the shot will be available from next week.
Here’s a look at the key questions concerning the rollout:
How does the vaccine work?
Pfizer's 95 per cent effective shot is an mRNA vaccine. Traditional vaccines inject people with a dead or weakened part of a virus so the body produces antibodies to fight it, as it would in a natural infection. But mRNA vaccines differ in that they encourage the body to become its own miniature vaccine factory.
The vaccine, an abbreviation of messenger RNA, delivers genetic instructions that prompt the body to produce virus proteins – without exposing the body to any threat.
Once this happens, the immune system begins to build up protective antibodies to guard against infection.
When will it be available?
The first 800,000 doses will be available in the UK from next week, Health Secretary Matt Hancock said.
The doses will then be rolled out as quickly as they can be made by Pfizer’s factory in Belgium, he said, with “several million” being made available in December and the bulk of the rollout taking place next year.
The UK ordered 40 million doses of the Pfizer vaccine – enough for 20 million people to be vaccinated as it is a two-dose regimen.
Mr Hancock predicted the UK would begin to return to normality in the first half of 2021. "From the spring onwards, things will start to get better," he told BBC Radio 4's Today programme.
Who will receive the vaccine?
Care home residents and staff are officially first in line to receive the shot. However, it may not be possible to deliver the initial batch to care homes given the need to store the vaccine at ultra-cold temperatures.
Therefore, health workers are likely to be among the first to be inoculated because storage of the vials is easiest in hospitals.
When more doses are delivered, the first phase of the rollout will begin.
As part of this phase, the order of groups to be given the vaccine has been announced by the Joint Committee on Vaccination and Immunisation (JCVI):
1. residents in a care home for older adults and their carers
2. everyone aged 80 and over, and frontline health and social care workers
3. everyone aged 75 and over
4. everyone aged 70 and over, and those who are extremely vulnerable clinically
5. everyone aged 65 and over
6. people aged 16 to 64 with underlying health conditions which put them at higher risk of serious disease and death from Covid-19
7. everyone aged 60 and over
8. everyone aged 55 and over
9. everyone aged 50 and over
People in those groups will be called up on a random basis, with contact made by letter. These groups cover 90 to 99 per cent of those at risk of dying from Covid-19, according to the JCVI.
People will be given two doses 21 days apart, with immunity achieved seven days after the second dose.
Who will administer the vaccine in the UK?
The vaccine will first be administered by hospitals, at vaccination centres being set up across the country and at GPs and pharmacists.
The health service is also recruiting up to 300,000 volunteers to help with distribution at the height of the rollout. Firefighters and the Army are also may be called upon to deliver the shots.
How will it be stored?
The Pfizer vaccine needs to be stored at minus 70°C, which presents logistical problems for health officials.
However, under Pfizer’s plan, the doses are stored in special, dry ice packs while they are transported to the UK via plane or lorry.
Once at the vaccination centre, the vials can be kept in a refrigerator at between 2°C and 8°C for up to five days. If taken out of the fridge, the diluted vials have to be used within six hours.
Is the vaccine safe?
The boss of Britain’s health regulator said “no corners have been cut” as she reassured the public the vaccine was safe.
Dr June Raine, head of the Medicines and Healthcare products Regulatory Agency (MHRA), said the vaccine had met all the tests for safety, effectiveness and quality.
She said: “This vaccine has only been approved because those strict tests have been done and complied with.
“Everyone can be assured that no corners have been cut.”
Pfizer reported that a small number of participants in its trials received side effects including fatigue, headaches and muscle pain.
Participants in the trial will continue to be monitored over the coming years, it said.
Peter Openshaw, professor of experimental medicine at Imperial College London, added: “There is absolutely no doubt at all that any risk of receiving the vaccine is far outweighed by the risk of getting Covid.”
Moreover, BioNTech was confident the vaccine could protect against mutations of the virus for at least a year.
How many doses can be rolled out?
Pfizer said it would distribute “as many doses as quickly as we can” and estimated 50 million could be distributed this month.
However, not all the doses are headed for the UK. The US, which has ordered up to 600 million shots in total, could approve the vaccine as early as December 10.
The EU is also expected to make a decision in late December. Pfizer estimates it can produce 1.3 billion doses next year.
How does the Pfizer shot compare with other vaccines?
The Pfizer vaccine needs to be kept at minus 70°C while in storage, which may present headaches for health officials who have to source ultra-cold freezers.
The Moderna vaccine, however, can be stored for up to six months at minus 20°C.
While the AstraZeneca/Oxford vaccine has lower efficacy than the Pfizer and Moderna shots, it is cheaper, easier to store and therefore more practical to distribute to the world than the two rivals.
The AstraZeneca dose has an average 70 per cent effectiveness rate.
The trials showed a regimen of two full doses one month apart was 62 per cent effective, but a half dose followed by another full shot showed 90 per cent.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
Winner: Miller’s House, Richard Mullen (jockey), Satish Seemar (trainer).
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
Winner: Kanood, Adrie de Vries, Fawzi Nass.
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
Winner: Gervais, Sandro Paiva, Ali Rashid Al Raihe.
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
Winner: Important Mission, Royston Ffrench, Salem bin Ghadayer.
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
Winner: Zhou Storm, Connor Beasley, Ali Rashid Al Raihe.
'The Woman in the House Across the Street from the Girl in the Window'
Director:Michael Lehmann
Stars:Kristen Bell
Rating: 1/5
The specs
Price, base / as tested Dh135,000
Engine 1.6L turbo
Gearbox Six speed automatic with manual and sports mode
Power 165hp @ 6,000rpm
Torque 240Nm @ 1,400rpm 0-100kph: 9.2 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
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.”