New COVID-19 vaccine developed by University of Oxford offers 70% protection - is less expensive than other vaccines

It is both a triumph and a disappointment after vaccines by Pfizer and Moderna showed 95% protection.

However, the Oxford jab less expensive - and is easier to store and get to every corner of the world than the other two.

If it is approved by regulators, the vaccine will play a significant role in tackling the pandemic.

The Oxford researchers have performed the normally decade-long process of developing a vaccine in around 10 months.

The UK government has pre-ordered 100 million doses of the Oxford vaccine, enough to immunise 50 million people.

More than 20,000 volunteers were involved, half in the UK, the rest in Brazil.

There were 30 cases of Covid in people who had two doses of the vaccine and 101 cases in people who received a dummy injection.

The researchers said it works out at 70% protection.