For Murdoch and friends, sorry is the easiest word

For Rupert, Rebekah and David, contrition has finally arrived. But where's the shame?

Rupert Murdoch is very sorry. He's very sorry that he didn't know anything about what went on at his newspapers, which was wrong but not the fault of the people in charge of those newspapers, and he's very sorry that those people who were in charge, but didn't know anything about the wrong things that were happening, have now had to resign.

Rebekah Brooks is sorry. She's sorry that although she was in charge of newspapers for which despicable acts took place, she knew nothing about it, having been on holiday when many of these incidents took place, and not having known about it otherwise. She's sorry that she said that her organisation had paid police, when what she meant to say was that her organisation had not paid police. These things happen, when you're in a high pressure situation. You can end up saying things you didn't mean to say.

David Cameron is sorry. He's sorry that he gave someone a second chance. He's sorry that the second chance, which he gave someone, by giving them a second chance, didn't work out as well as he might have hoped. No-one warned him that by giving this someone a second chance, it might not be the best outcome in the history of the world, although some people say they did warn him, and that he must have either not even read those warnings, or not listened to them, or proceeded anyway.

Everyone's sorry. Everyone is sorry that what happened happened, and that even though they were in the kind of positions where you might expect them to know about what happened, they didn't know about what happened. No-one knew anything, and were quite right to dismiss all the investigative work on the phone hacking story as boring lefty troublemakers doing some yawnworthy tedium, until the tale about the hacking of a dead teenager's phone came out - at which point it actually mattered.

It mattered because the story went beyond the BBC, or the Guardian, or the usual suspects - it went everywhere, and wasn't going to go away. It wasn't just being read about by the kind of people who'd never buy your papers; it was being read about by exactly the kind of people who do buy your papers, and are disgusted with you for having run the kind of paper where this kind of thing happened. Then it mattered a lot.

Then, everyone who is now sorry was as shocked as everyone else. Imagine the shock. The surprise. Imagine not having known about anything, all that time. Imagine employing someone - giving them a second chance, if you want to use that phrase - who was rumoured to be involved in some dodgy dealing, and not having sat them down and forced them to tell you exactly what they knew and didn't know. Imagine that.

Would you feel sorry, or would there be another feeling running through you? Not sorry, but something else... shame. Shame that you should have known, but didn't know. Shame that you didn't ask the right questions of the right people. Shame that you didn't know where any of this information came from, and just paid people for it anyway. Shame that you were in charge, yet weren't in charge. Shame that you took the absolutely enormous salary, yet didn't know what you were doing, apparently.

Everyone's sorry, and everyone involved in this grubby mess hopes that a simple sorry will make everything all right again. Just a simple sorry, and hope that the fuss dies down, and then up pops the Sun on Sunday on August 7, or thereabouts, and it's the football season and there'll be a massive preview and free gifts and other lovely things for you to look at, and everyone will just shrug their shoulders and think, oh well, I suppose we'd better give them a second chance, hadn't we? It's important to give people second chances. And that will be that. Crisis averted. Ed Miliband foiled. Everything carries on, much as it did before.

Unless people aren't prepared to tolerate being fooled again. And unless people aren't prepared to think that a simple sorry will get Murdoch and friends out of this sorry mess.

Patrolling the murkier waters of the mainstream media
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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.