There'll be a lockdown to slow the spread. But at least a third of the population will eventually get it regardless. At that point, the economy will be too strained to keep everything shut. People who have recovered will begin returning to normal life, and any curfews will be lifted. There'll continue to be advisories for vulnerable people and those who've remained unifected, but they'll have to be managed as a separate group for the sake of the country remaining afloat. The NHS will still be overloaded for a while yet, but they'll have got over the worst of the pandemic in a few months and learned enough to deal more effectively with the remaining cases soon (hopefully).
I reckon the corona virus will continue to be around for another year or two, but the nationwide panic stations will be over by the end of the summer. Unfortunately, I also think we'll lose between 0.5 and 1 million people unless the scientists somehow figure out how to create a vaccine in record time (which is unlikely).
There's no getting around this without ending all pretences of a functioning society and economy. We can't survive without the essentials, but we can't import/produce the essentials without continuing as normal.
It's a balancing act between producing enough to stay afloat and stopping everything to stay uninfected. People will moan on either side of the spectrum, but I think we're more or less doing things right at the moment.