This Public Health England announcement backs up the thrust of the Oxford study. COVID-19 was actually removed from the list of high consequence infectious diseases on 19 March. One of the reasons given is that the mortality rate is now regarded as 'low overall':
https://www.gov.uk/guidance/high-consequence-infectious-diseases-hcid
Had there been calm heads on this from the go, rather than a hysterical, sensationalist, profit-driven media, novices in government, and scientific modelling based on inadequate data, we might have had a more rational, proportionate response. It also begs the question as to why, given the 19 March downgrading, the Tories still felt it necessary to introduce 'emergency' legislation on 23 March. (And the fact the legislation is 329 pages long makes you wonder what they've actually been giving priority to since December.)