UK PM Boris Johnson said in a news conference in Downing Street that, given that we are not seeing the same numbers in intensive care, we have a chance to ride out this Omicron wave without shutting down. Johnson noted that the UK is in the midst of the fastest growth of Covid-19 cases that has ever been seen and that the battle with Covid-19 is over, meaning now is a moment for utmost caution. However, we can find a way to live with the virus, he said, adding that while the weeks ahead will be tough, if we all play our part, the disruptions caused can be less severe than locking down.  

Johnson said the government is identifying hospital trusts that might need military staffing support (given high numbers of staff in self-isolation after testing positive) and is recommending to his cabinet that the UK continue with plan B. Further restrictions will depend on when Omicron peaks and how it bows through, Johnson said. His chief scientific advisor Patrick Valance said that up until now, Omicron has largely been an infection of the young and the effect is unknown as it moves up the age brackets. 

Market Reaction

UK PM Johnson's decision not too toughen restrictions was widely expected and thus has not triggered any reaction in GBP.