Nobody at this point really knows how COVID-19 is going to behave long term, either it'll disappear like SARS did or it will hang around like MERS. The main thing we can do for now is minimise the risk of infection as best we can until we either get effective drug treatments or one of the vaccine candidates is shown to be viable. So far the Oxford University vaccine is showing signs it might be viable, along with a few others. The Economy will recover over the long term (I'm sure there will be some good opportunities for new businesses in time) , right now all I care about is that we save as many lives as possible. The knock on effects of a high mortality rate cannot be underestimated.Hong Kong have had far stricter measures than the UK and no doubt better compliance. It just goes to show lock downs don't really work, they just delay the infection spread to a degree. The virus will eventually run of steam, but lock downs are just prolonging the process. We need to let it run its course, shielding the elderly and vulnerable in the meantime.
I guess the crux of the problem in the UK is - Cummings broke lockdown rules, no punishment some people decided "If he can get away with it, so can I" and Boris Johnson rushing into easing the lockdown too quickly has likely sent us backwards. Oxford has an infection spike in the eastern end of the city. So I'll not be surprised if the city has to lockdown again. From what I've been hearing, very little in the way of social distancing and mask wearing has been taking place. Especially on the Cowley Road at the weekends (Cowley Road = Pubs and restaurants).