Just as the recent change in rules was made for arrivals from amber list countries a similar rule should be made for arrivals from from red list countries. Allowing fully vaccinated individuals to quarantine at home instead of the ridiculously expensive managed hotel quarantine.
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As the government now recognises the affect of vaccination on infectivity of coronavirus it should translate into some relief for people who need to visit their friends and family in red list countries. At the same time as risk from red list countries is still deemed to be high, a fair balance between benefits and risk would be to "upgrade" all fully vaccinated arrivals and allow them to quarantine at home - the same as unvaccinated travellers from amber list countries.