That sounds great. It's exactly what is needed for everyone, including the folks who won't get themselves vaccinated. But I'd rather multiply the reduced risk after vaccination by 11% than the unvaccinated risk.
An unfortunate side-effect will be that anti-vaxxers will definitely choose not to be vaccinated now.
If UK mortality rates drop to 11% of their current rate, no one here is going to be concerned about covid any more. The risk will seem miniscule compared to major killers such as cancer and heart disease. I hope I am intepreting the number correctly - ie that the 89% reduction multiplier is the same for both vaccinated and unvaccinated people, so for vaccinated people the end risk is far less because it is a reduction of an already reduced risk.