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

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.