The most recent rises in positive tests and in hospital admissions (about 2-3 weeks ago) start pretty much in line with each other. There's not a lag, which suggests to me that the rise in hospital admissions with Covid is largely people with Covid rather than because of Covid.
The fact there are plenty in the 'with' category explains why there is no lag when you are looking only at the start date of a rise in admissions, but 'for' hospitalisations are still expected to follow a bit later on, with the usual lag. So you cant use the no-lag start date to claim there are negligible 'for' cases appearing and further driving the subsequent rise seen a week or so later than the rise first began.
The weekly data on 'for' and 'with' should be available tomorrow if the old schedule of data releases is still in place for NHS England. Unfortunately it shows numbers in hospital beds rather than being available directly for admissions data, but I still expect it to show some signs of an increase in 'for' cases. I wont bother to graph last weeks version of the data since we should be so close to the next version, but what was visible a week ago was the the 'with' numbers had started to rise, and the 'for' numbers had stopped falling and might just have been starting to rise, but too early to make that claim with confidence at the time.
On a related note, I've moaned before about English data for probable hospital-acquired infections being delivered in a somewhat obfuscated manner, but from what I can make out these have been rising sharply again in all regions, which explains some chunk of the 'with' patients.
Of particular note with hospital admissions figures is that the oldest two age groups have been seeing the most notable rises. For England as a whole the 85+ group is back to about the same levels seen at the first Omicron peak, and the 65-84 group is somewhat close to matching its previous Omicron peak too. In the 18-64 age group the recent numbers are only about half what they reached in that age group in late December/early January Omicron peak.
It's been over two weeks since the rise in positive tests became apparent but as far as I can see there is no discernable rise in deaths, nor in "patients in mechanical ventilation beds". Both of these figures remain small and on a very gradual decline.
So, lots of people are getting Covid but it's not resulting in a significant level of serious illness.
Still a bit early for me to look for death increases, especially as I use ONS data more than anything else these days (because they distinguish between deaths primarily caused by Covid and others) and ONS data has additional lag. And non-ONS data is affected by variations in testing.
As for mechanical ventilation figures, there have been some very modest rises in some English regions in very recent days, not enough to draw attention to yet. Plus we know Omicron changed that picture, and also that the ages of people being hospitalised for Covid has an impact on proportion who end up ventilated. This form of data is only a partial guide to disease severity, since there are other ways people can end up seriously ill from Covid.
In summary, I think the fact its older age groups that are showing the biggest rise in hospital admissions/diagnoses is the largest cause for concern right now. But I doubt it will impact on government policy or media reporting and wider perceptions unless it continues to grow substantially from the levels its already reached in the latest data.