Paxman and Mason clash over Greece protests

"Oh come on Paul, it was hardly the entire population of Athens on the streets".

The tragedy that is Greece. A conflict that has exploded across our TV screens, pitting brother against brother. And that's just in the Newsnight studio.

Jeremy Paxman is famed for exposing the evasions and obfuscation of his guests. But last night, seemingly frustrated by the absence of someone to interrogate, he chose to turn on his own colleague, Paul Mason.

The bizarre exchange began as Mason began to sign off a package he had produced on the day's unrest in Athens. "There's sporadic rioting going on", said Mason, "and not a single politician can leave their secure accommodation". Describing the situation as "a little bit chaotic", Newsnight's economics editor explained that the austerity package had nevertheless been passed in the face of what he termed "viscerally felt anger".

At which point the BBC's grand inquisitor pounced. "Oh come on Paul, it was hardly the entire population of Athens on the streets was it, and certainly not the entire population of Greece". Mason, who had spent the day dodging tear gas and riot police, appeared momentarily stunned, his face set in an expression that made it look like he'd swallowed an Athenian wasp.

"But if people are, as you say, losing faith in such numbers", followed up Paxman pointedly, "where does that lead?"

For a moment the nation's Newsnight viewers held our collective breaths in the hope it might lead to Mason storming off live on air. But showing a level of restraint markedly absent from the streets of the Greek capital, he confined himself to a gritted, "There are a lot of people out Jeremy".

A clip of a Greek commentator helpfully comparing the situation in his country to 1930's Germany momentarily cut across the BBC's own domestic strife, but when we returned Mason was shaking his head and had a strange grin on his face. The rest of the two-way passed offpeacefully until in the final exchange, when Newsnight's economics editor threw down his own challenge over who was responsible for the collapse of the Eurozone; "the people who run the Eurozone, you tell me Jeremy who that is, who we ask the question of". Jeremy didn't.

Badinage between colleagues is all part of the Newsnight brand. But few journalists I've spoken to can ever recall an anchor directly challenging a colleague over his description of events on the ground. One broadcast correspondent working for a different outlet seemed perplexed at Paxman's challenge to Mason; "We've got guys out in Athens and from what we had coming back yesterday it certainly looked like it was getting a bit tasty".

BBC colleagues denied there was any "history" between the two men. "Paul likes to wear his heart on his sleeve a bit, and Jeremy's a bit more refined, but I'm not aware of any problems", said one. Asked if he'd like to comment on the minor on air contretemps, Mason provided a succinct response; "No". A BBC spokesman said; "This is the sort of thing you come to expect on Newsnight. He [Paxman] wasn't contradicting him [Mason], he was challenging him".

Well that's all right then. Paxman/Mason. Coming to a theatre near you.

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I was wrong about Help to Buy - but I'm still glad it's gone

As a mortgage journalist in 2013, I was deeply sceptical of the guarantee scheme. 

If you just read the headlines about Help to Buy, you could be under the impression that Theresa May has just axed an important scheme for first-time buyers. If you're on the left, you might conclude that she is on a mission to make life worse for ordinary working people. If you just enjoy blue-on-blue action, it's a swipe at the Chancellor she sacked, George Osborne.

Except it's none of those things. Help to Buy mortgage guarantee scheme is a policy that actually worked pretty well - despite the concerns of financial journalists including me - and has served its purpose.

When Osborne first announced Help to Buy in 2013, it was controversial. Mortgage journalists, such as I was at the time, were still mopping up news from the financial crisis. We were still writing up reports about the toxic loan books that had brought the banks crashing down. The idea of the Government promising to bail out mortgage borrowers seemed the height of recklessness.

But the Government always intended Help to Buy mortgage guarantee to act as a stimulus, not a long-term solution. From the beginning, it had an end date - 31 December 2016. The idea was to encourage big banks to start lending again.

So far, the record of Help to Buy has been pretty good. A first-time buyer in 2013 with a 5 per cent deposit had 56 mortgage products to choose from - not much when you consider some of those products would have been ridiculously expensive or would come with many strings attached. By 2016, according to Moneyfacts, first-time buyers had 271 products to choose from, nearly a five-fold increase

Over the same period, financial regulators have introduced much tougher mortgage affordability rules. First-time buyers can be expected to be interrogated about their income, their little luxuries and how they would cope if interest rates rose (contrary to our expectations in 2013, the Bank of England base rate has actually fallen). 

A criticism that still rings true, however, is that the mortgage guarantee scheme only helps boost demand for properties, while doing nothing about the lack of housing supply. Unlike its sister scheme, the Help to Buy equity loan scheme, there is no incentive for property companies to build more homes. According to FullFact, there were just 112,000 homes being built in England and Wales in 2010. By 2015, that had increased, but only to a mere 149,000.

This lack of supply helps to prop up house prices - one of the factors making it so difficult to get on the housing ladder in the first place. In July, the average house price in England was £233,000. This means a first-time buyer with a 5 per cent deposit of £11,650 would still need to be earning nearly £50,000 to meet most mortgage affordability criteria. In other words, the Help to Buy mortgage guarantee is targeted squarely at the middle class.

The Government plans to maintain the Help to Buy equity loan scheme, which is restricted to new builds, and the Help to Buy ISA, which rewards savers at a time of low interest rates. As for Help to Buy mortgage guarantee, the scheme may be dead, but so long as high street banks are offering 95 per cent mortgages, its effects are still with us.