Since the November 2020 headlines of “90%” Covid vaccine efficacy, financial markets have generally assumed that it was only a matter of time before mass inoculation would eradicate the disease, allowing normality to resume.

However, recent rising infections in the “double jabbed” are at odds with the general understanding of an efficacious vaccine, which is lifetime “sterilised immunity” from infection. Although vaccines may have a useful role in mitigating disease progression, it now looks increasingly improbable that the virus will be eradicated.