Reasons to be careful

Asteroids strikes, radiation and Rio+20.

So, yet another thing to worry about. It might not sound like news, but something big hit earth back in the 770s. Researchers looking at the radioactive carbon traces in tree rings from that period have discovered evidence of a burst of intense radiation between 774 and 775AD. It might seem churlish to worry about something that happened 1,200 years ago, given the problems that the Rio+20 summit this month clearly was not even going to begin to address. Yet warning us of potential danger is part of the scientist’s job description. What we do with that information is up to us.

The source of that 1,200-year-old radiation burst – potentially the harbinger of a much bigger catastrophe than climate change – is a mystery to scientists. A burst of radiation of this sort would normally come from a spectacular solar flare or a supernova. Taking the second option first, the exploding star in question would have been bright enough to be visible in daylight – a second sun that would have been recorded by contemporary historians. It should also have been spotted by today’s astronomers: the explosion would have created what looked like a new star. Stellar explosions recorded in 1006 and 1054 weren’t big enough to cause a spike in radiation but we have spotted the remnants in the sky.

The solar flare explanation has been ruled out, too. A flare occurs when the sun spits out a gob of plasma, a roiling gas of charged subatomic particles. If that is composed largely of protons and fired towards earth, its interaction with particles in Planet Earth’s atmosphere creates a burst of intense radiation. But it also creates the Northern and Southern Lights and, again, a radiation spike of this intensity would have produced a show spectacular enough to be recorded by historians.

On the downside, it would also have wiped out much of the ozone layer, causing biological chaos. The extra radiation and intense ultraviolet light usually absorbed by ozone would have mutated genomes and led to significant extinctions. There is no evidence that this occurred.

Why does it matter? Until we understand the source, we face a significant unknown. If it is somehow a threat from the sun, the threat is far bigger than we have known. Such a spike in radiation could be associated with the kind of solar activity that could melt many of the world’s power grids, sending civilisations howling back to the Stone Age.

We already know that things from space could hurt us badly. There’s about a one-in-five chance that, in the next 100,000 years, an asteroid strike will do as much damage as the one that wiped out the dinosaurs. There is no reason for complacency: it’s highly likely that, in the same time frame, a chunk of space rock roughly 400 metres in diameter will hit earth. The impact will be significant enough to devastate an area the size of France.

Too much in the sun

The tree-ring work, published in the journal Nature this month, suggests that scientists don’t yet have a handle on all the threats to humanity. But it will almost certainly be dismissed as another curiosity, not worth following up.

Maybe that is the right response. The conclusions were a result of interpreting the amounts of radioactive carbon – created by collisions between particles in the upper atmosphere – trapped in the tree rings.

Anyone with responsibility to act over threats to his or her citizens can choose to find weaknesses and uncertainties in the data, the extrapolations and the conclusions and thus justify a non-response. Just as our political leaders (or, rather, their delegations) will do in Rio. l

Michael Brooks’s “The Secret Anarchy of Science” is out now in paperback (Profile Books, £8.99)

Michael Brooks holds a PhD in quantum physics. He writes a weekly science column for the New Statesman, and his most recent book is At the Edge of Uncertainty: 11 Discoveries Taking Science by Surprise.

This article first appeared in the 25 June 2012 issue of the New Statesman, Europe’s most dangerous leader

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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.