In the UK, people who test positive for coronavirus are required to self-isolate for seven days from the day symptoms begin. The self-isolation period has recently been reduced from ten days down to seven for fully vaccinated people, as long as they test negative on days six and seven. But those who are not fully vaccinated will still have to isolate for the full 10 days if they are a close contact of someone who has tested positive.
The UKHSA is currently reviewing whether or not the isolation period should be cut down even further.
Speaking to Express.co.uk, the CEBR estimated that a further two-day cut in the isolation period could save the UK up to £21million per day, based on a 180,000 daily COVID-19 case rate.
The UK recorded 178,250 new coronavirus cases on Friday and a further 229 deaths.
Karl Thompson, an economist from the CEBR, estimated that seven days of isolation costs the UK economy £83million per day for every 200,000 cases.
This means the UK could save £24million for every 200,000 cases if we switched to the shorter isolation period, which would cost £59million per day.
The United States recently halved their recommended isolation time for people with asymptomatic COVID-19 from ten days to 5, amid a surge in cases.
But the World Health Organisation has not yet changed its advice, still recommending that people with COVID-19 should isolate for 14 days.
This comes as the UK economy is being rocked by staff shortages, due to high numbers of people isolating as a result of the virus.