Covid-19 infections, and hospitalisations, are rising in the UK. PA
Covid-19 infections, and hospitalisations, are rising in the UK. PA
Covid-19 infections, and hospitalisations, are rising in the UK. PA
Covid-19 infections, and hospitalisations, are rising in the UK. PA

Covid-19 infections continue to rise in the UK


Gillian Duncan
  • English
  • Arabic

Covid-19 infections in England and Wales are continuing to rise, with a 14 per cent increase in just one week, according to official figures.

Around 1.1 million people in the UK are likely to have tested positive for the virus in the past week, the Office for National Statistics (ONS) said.

The figure was 927,900 in the previous survey, which covered the week to September 14.

Sarah Crofts, ONS deputy director for the Covid-19 infection survey, said it is “too early to identify whether this is the start of a new wave”.

But professor Tim Spector, co-founder of the Zoe Health Study which is based on coronavirus symptoms reported by volunteers across the country, said on Thursday the trend was “clear”.

“We're now seeing an autumn wave of Covid-19, combined with increases in hospital admissions,” he said.

Separate figures from the NHS show the number of people in hospital in England with Covid-19 stood at 7,024 on September 28, up 37 per cent week-on-week.

The increase in new cases means it is the first time the UK-wide total has been above one million since late August, though it is still some way below the 3.8 million weekly infections in early July.

In England, the number of people testing positive in the week to September 17 was 857,400, or around one in 65 — up from 766,500, or one in 70.

In Wales, 62,900, or one in 50 people, up from 39,700, or one in 75, are estimated to have the virus.

The percentage of people testing positive for the coronavirus has risen in all regions of England except the East Midlands, North East and South West, where the trend in the most recent week was uncertain.

All age groups in England are estimated to have seen an increase.

Infection rates are highest among over-70s, and lowest among children between the age of two and school Year 6, which is age 10 or 11.

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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Updated: October 02, 2022, 11:21 AM