The bar was set high, and Ed Miliband has cleared it

"An audition before the country for the post of Prime Minister."

The Labour leader took a risk today. There was a technical risk: he spoke without notes, which can go wrong in many ways. And the speech was long, which exponentially increases the danger of stumbling and losing the audience. But that is a small practical obstacle compared to the tactical gamble that his speech represented, which was – in effect – advertising itself as an audition before the country for the post of Prime Minister.

He didn’t set it out in quite those terms, but throughout the week his team has been allowing the idea to float around that this would be a defining piece of oration. The Miliband camp took the highly hazardous step of acknowledging that there had been flaws in the way their candidate presented himself and admitting that voters are under-whelmed by the Labour leader – or downright dismissive. So expectations were ramped up, which is the opposite of what usually happens. (The standard line at these conferences is “it’s only a speech, why is everyone so excited, of course it’s not a make or break moment.” Etc.)

So the Miliband operation set the bar high. Luckily for them, the Labour leader appears to have cleared it. He seemed much more confident than he has done on similar occasions in the past; much more in control of the mood in the room and much more assertive in delivering his message. He got a few good laughs in the right places. His theme - “One Nation” - was a pretty audacious raid on Tory language and, as a fusion of traditional left appeals to solidarity and a patriotic idiom more commonly associated with the right, it clearly has potential as a platform to reach out to a wide section of the electorate. His aides are busy now describing it as a radical vision. (That, of course, is something they always do.)

The obvious criticism was that Miliband is still travelling very light on policy and still skirts over the question of tricky spending pledges. It wasn’t exactly a macho demonstration of tough choices and a trampling of party shibboleths. (That really isn’t Miliband’s style.) He is wide open to the charge of policy flimsiness. No doubt the defence will come out that David Cameron was no more heavily freighted with practical policy at an equivalent point in his time in opposition. The mid-term challenge is to attract voters attention and sustain their interest in a way that makes them think they might be looking at their next Prime Minister. That was the explicit task that Ed Miliband set himself this week. Did he pass the audition? Too early to tell. But I suspect the party will come away more confident that they can talk about Prime Minister Miliband and the Conservatives will be a little bit less complacent in their assumption that no one is listening.

Labour Party leader Ed Miliband acknowledges the applause after delivering his keynote on October 02, 2012 Photograph: Getty Images

Rafael Behr is political columnist at the Guardian and former political editor of the New Statesman

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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.