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The day the teenagers turned on Topshop: Laurie Penny reports

What has been stolen from this angry generation? Hope.

Oxford Street at Christmastime is a special hell, and the last Monday in November is no exception. Grim-faced shoppers mummified in winter coats shove their way down freezing pavements to do their duty to the market, while a panopticon of corporate-sponsored festive lights glares down from slate skies. With no warning, a hundred young protesters pour across the road holding banners and whistles. The children of Britain are leading the consuming classes to mutiny.

These young activists are the same students and school pupils who were kettled in central London on 24 November after demonstrating to protect higher education. They have not gone away. They come from the buses and the Underground, pouring out of the backstreets in twos and threes, chanting: "No ifs, no buts, no education cuts!" The target is the flagship store of Topshop, the global byword for successful British commerce, owned by Philip Green, billionaire and business adviser to the Prime Minister.

When we were young, this world-famous, multilevel store, with its blaring music and cool-looking young employees, was an Aladdin's cave of consumer delights and cutting-edge fashion. Now, however, the sales tags have fallen from our eyes. "Philip Green's taxation could pay for our education!" the protesters chant, accessorising their woollies with clashing orange bandanas, two fingers stuck up at the matchy-matchy aesthetic of the Kate Moss display. "Please occupy Topshop for us," whispers a young shop assistant with exciting, angular hair. "We're right behind you."

Green revolution

This youth movement isn't just about university fees - it's about challenging a political class that systematically gives the needs of the market greater priority than the people, offering tax breaks for big businessmen while ripping the heart out of education and social security.

Britain's child crusaders are beginning to win the argument, the raw edge of their righteous indignation slicing through the semiotic debris of state propaganda. Messages of solidarity come from all sections of the public - from parents, teachers, social workers and even police officers. Teenagers who came to buy novelty tights and lip gloss toss their bags down and join the protest.

When the demonstration ends, we march back to the student occupation at University College London, a welcoming space where smiling people hand out cups of tea and draw up well-being committees. These kids are savagely organised. Watching them plan their next action, I feel that someone really ought to have warned David Cameron not to underestimate the bloody-mindedness of British youth. These young people are angry. They are angrier than anyone could have anticipated.

What has been taken from them to make them so angry? Hope, that's what. Hope, and the fragile bubble of social aspiration that sustained us through decades of mounting inequality; hope and the belief that if we worked hard and did as we were told and bought the right things, some of us at least would get the good jobs and safe places to live that we'd been promised.

Hope was the emotional engine of a decade of dizzying economic growth. Now it's gone. Thatcher and Reagan knew you couldn't take away hope altogther, which is why they replaced the politics of collective bargaining with a cynical, but seductive, politics of aspiration and individualism. The coalition has forgotten that it's not enough for millionaire politicians to preach the politics of austerity when all they have to offer is more austerity.

Back on Oxford Street, as the police vans scream into view, the children's crusade stands firm. "They want to marketise our education," says Ben, 21, his breath clouding in the bitter air. "So we're going to educate their market."

Laurie Penny is a contributing editor to the New Statesman. She is the author of five books, most recently Unspeakable Things .

This article first appeared in the 06 December 2010 issue of the New Statesman, Vietnam: the last battle

Photo: Getty Images
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How can Britain become a nation of homeowners?

David Cameron must unlock the spirit of his postwar predecessors to get the housing market back on track. 

In the 1955 election, Anthony Eden described turning Britain into a “property-owning democracy” as his – and by extension, the Conservative Party’s – overarching mission.

60 years later, what’s changed? Then, as now, an Old Etonian sits in Downing Street. Then, as now, Labour are badly riven between left and right, with their last stay in government widely believed – by their activists at least – to have been a disappointment. Then as now, few commentators seriously believe the Tories will be out of power any time soon.

But as for a property-owning democracy? That’s going less well.

When Eden won in 1955, around a third of people owned their own homes. By the time the Conservative government gave way to Harold Wilson in 1964, 42 per cent of households were owner-occupiers.

That kicked off a long period – from the mid-50s right until the fall of the Berlin Wall – in which home ownership increased, before staying roughly flat at 70 per cent of the population from 1991 to 2001.

But over the course of the next decade, for the first time in over a hundred years, the proportion of owner-occupiers went to into reverse. Just 64 percent of households were owner-occupier in 2011. No-one seriously believes that number will have gone anywhere other than down by the time of the next census in 2021. Most troublingly, in London – which, for the most part, gives us a fairly accurate idea of what the demographics of Britain as a whole will be in 30 years’ time – more than half of households are now renters.

What’s gone wrong?

In short, property prices have shot out of reach of increasing numbers of people. The British housing market increasingly gets a failing grade at “Social Contract 101”: could someone, without a backstop of parental or family capital, entering the workforce today, working full-time, seriously hope to retire in 50 years in their own home with their mortgage paid off?

It’s useful to compare and contrast the policy levers of those two Old Etonians, Eden and Cameron. Cameron, so far, has favoured demand-side solutions: Help to Buy and the new Help to Buy ISA.

To take the second, newer of those two policy innovations first: the Help to Buy ISA. Does it work?

Well, if you are a pre-existing saver – you can’t use the Help to Buy ISA for another tax year. And you have to stop putting money into any existing ISAs. So anyone putting a little aside at the moment – not going to feel the benefit of a Help to Buy ISA.

And anyone solely reliant on a Help to Buy ISA – the most you can benefit from, if you are single, it is an extra three grand from the government. This is not going to shift any houses any time soon.

What it is is a bung for the only working-age demographic to have done well out of the Coalition: dual-earner couples with no children earning above average income.

What about Help to Buy itself? At the margins, Help to Buy is helping some people achieve completions – while driving up the big disincentive to home ownership in the shape of prices – and creating sub-prime style risks for the taxpayer in future.

Eden, in contrast, preferred supply-side policies: his government, like every peacetime government from Baldwin until Thatcher’s it was a housebuilding government.

Why are house prices so high? Because there aren’t enough of them. The sector is over-regulated, underprovided, there isn’t enough housing either for social lets or for buyers. And until today’s Conservatives rediscover the spirit of Eden, that is unlikely to change.

I was at a Conservative party fringe (I was on the far left, both in terms of seating and politics).This is what I said, minus the ums, the ahs, and the moment my screensaver kicked in.

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.