Lambda variant: What is the new strain of Covid detected in the UK?

The Lambda variant - known to scientists as C.37 - was first identified in Peru and has been detected in samples dating back to as early as December 2020. Since then it has become the dominant variant in the South American country, where it accounts for more than 80 per cent of new infections. It has now been detected in at least 26 countries, including the UK. So should we be concerned? The World Health Organisation designated the Lambda variant as a variant of interest on 14 June.