Jeremy Clarkson defends the "Chipping Norton set"

It wasn't BSkyB David Cameron and Rebekah Brooks talked about over their "Christmas-time" dinner: it

In this week's Sunday Times, Jeremy Clarkson has taken a brief respite from shouting "POWER" as he drives round corners to defend the ex-News International boss -- and close friend -- Rebekah Brooks.

The piece is a response to Peter Oborne's blog post in the Telegraph, which blamed many of David Cameron's troubles on the "Chipping Norton set" -- "an incestuous collection of louche, affluent, power-hungry and amoral Londoners, located in and around the Prime Minister's Oxfordshire constituency".

Those in the set were said to include the PR man Matthew Freud and his wife Elisabeth Murdoch, as well as Brooks and her husband, the racehorse trainer Charlie.

Not so, says Clarkson. Matthew Freud lives in Burford, "which to most people in Chipping Norton -- myself included -- is basically France". Admittedly, David and Samantha Cameron do live nearby but Clarkson doesn't see them very much any more, "partly because Sam is one of those non-smokers who suddenly remembers when she's presented with a smoker like me that what she'd like to do is smoke all my bloody cigarettes". (Although Cameron did find time to dress up as the Stig for Clarkson's birthday party.)

Perhaps the best part of the article, however, is where Clarkson describes the "Christmas-time" dinner at Rebekah's and Charlie's house, attended by the Camerons and James Murdoch. (That's how he refers to it, by the way -- "Christmas-time" -- so we're still in the dark over whether it was Christmas dinner itself. The mental image of Clarkson snoring gently through the Queen's Speech, while Cameron stands over him, tutting, still lives on.)

What Rebekah and Cameron talked about most of all -- and I'm a trained journalist so I understand the need to get things right -- is sausage rolls.

We were planning a big walk with all our kids over Christmas and thought it might be a good idea to build a fire in my woods and stop off for a picnic. Rebekah was worried about what we'd eat. Cameron thought sausage rolls would be nice.

So, there you have it. Confident that his case has been proved, Clarkson adds triumphantly: "In other words, it was much like a million other Christmas-time dinners being held in a million other houses all over the world that day." (That leaves me feeling a bit left out -- I had a prime minister and a billionaire media baron's son at mine but unaccountably missed out on the host of a popular motoring show. Oh, well, perhaps next year. I'll get the call in to Richard Hammond now.)

PS. The Mail on Sunday reports today that the Chipping Norton set was still in full swing two weeks ago, with Elisabeth Murdoch's and Matthew Freud's summer party at their Cotswolds home. Guests included Rebekah Brooks, James Murdoch . . . and Jeremy Clarkson.

Helen Lewis is deputy editor of the New Statesman. She has presented BBC Radio 4’s Week in Westminster and is a regular panellist on BBC1’s Sunday Politics.

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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.