I would be astonished if it wasn't lifted potentially for 1 or 2 weeks over the actual Christmas bank holiday, they could do that by suppressing the virus to a lower level than necessary and allowing a week or two of relatively high spread, then locking down again afterwards to bring it back down. In a way the summer was a bit like doing that.
I agree, but also they might be able to 'offset' higher household/family transmission against lower transmission due to schools being closed and fewer people being at work over the period. When I used to commute, the period between Christmas and New Year was never busy either on the trains or in the City.
There are a lot of things that won't happen though, even if they lift restrictions. I doubt the kids will be able to sit on Santa's knee in the grotto, I doubt we will have work Christmas parties and things that are traditions for some like going to Christmas markets, carol concerts and Boxing Day football won't happen.
My mum is already worried about Christmas, as she normally has six visitors for Christmas lunch (so seven people including her), and she doesn't want to break the law. I have told her not to worry but as she pointed out, we've already missed family get togethers for Mothers Day, Easter, my birthday, my sister's birthday and generally seen a lot less of each other this year.