Sunk - We don't really have a second wave, especially if you base the numbers on Covid-caused deaths. What we have is a massive increase in positive tests, but then Hancock's much-promised testing capacity was never realized. To fiddle the testing capacity figures, they included loads of theoretical capacity that was never available to the general public, so we have absolutely no idea just how many people would have tested positive when the hospital cases & deaths were at their peak. (Over 3000 hospital admissions per day was the peak - The Daily Mail has some very good graphs if you want to check.)
Now that, with the usual delay between political promises and implementation, large-scale testing is actually happening, they're wetting themselves because the positive cases have gone through the roof. Strange, that.
A significant part of the overall problem is that the richer parts of the country are keeping the impact of the pandemic within reasonable bounds. This is not the case in the poorer areas, yet the economic impact is falling fairly equally everywhere. (e.g. businessmen are practically unable to do business overseas whether they're from Bristol or from Bolton). This is not just the case in the UK. Many of our neighbouring countries are also finding that it's areas of high-density living where we find big increases in the percentage of infections. Madrid is a very good example of this. (The original WHO & International team who went to Wuhan in February found that the majority of positive cases there had been infected in the home. This pushes up the R figure significantly as 1 individual can infect the rest of the people with whom they live.)
Clearly, it's not going to be practical to lockdown just people who live with many others. I believe, however, that there is a very strong case for much more stringent lock-down in the areas where the infections & hospital admissions rates are highest but getting the economy moving again in the rest of the country.