FIGURE 3.

Net extra economic costs of the lockdown relative to the easing of restrictions are assumed to be £100 billion. To that is added the cost of lives lost under lockdown. The benefits of lives not lost, relative to the easing of restrictions, is then deducted from the lockdown costs to generate a net cost figure under the three scenarios. The easing scenarios are: (a) deaths still decline but slower than in Lockdown, (b) deaths remain at start June 2020 levels (c) deaths increase again back up to April 2020 peak levels. The equivalent cost/QALY is calculated by dividing the Lockdown costs (£100 billion) by the net number of lives not lost in that scenario times the number of Quality‐Adjusted Life Years (QALYs) for each death