What the Diane Abbott metastorm was really about

Let's call this what it is. It's pretending.

It's not easy being white. Apart from the power, control, jobs and everything, it's a pretty tough life. Every now and then, people make sweeping generalisations about us, as white people, and we're going to have to pretend to be offended, even though we've never really suffered the wrong end of prejudice in our lives.

With the best will in the world, if you're not white, you don't know just how hard that is to fake.

People have told me there was a Twitterstorm about yesterday's comments from Diane Abbott MP. I didn't see such a thing unfolding before me, but then that might be because I don't follow people on Twitter who make a career out of pretending to be upset by things that haven't actually upset them.

I saw a storm about a storm -- a metastorm, maybe. What I have found is a few of the same old faces saying that this was racism, because they decided it was, and ooh wouldn't the lefties have been having kittens if it was the other way around?

Let's call this what it is. It's pretending. It's not genuinely being offended. It's artifice, completely made up in order to get a bit of publicity for people's vexatiously contrarian columns and to get their godawful faces on television.

If you're genuinely wounded by Diane Abbott's comments, I pity you. You're beyond saving. It's a wonder we white people manage to stay in control of everything in the world ever if we're so bloody sensitive -- we should be sitting in a cupboard crying all day about what the nasty lady said about us.

But it's not genuine hurt; it's the sensing of a mistake by a political rival, and the careful depiction of a representation of what these woeful human beings think being offended actually is, in order to capitalise on that.

Those of us on the left who enjoy the physically challenging combination of handwringing and self-flagellation might speculate that, whatever the rights and wrongs of Abbott's tweet, one simply shouldn't generalise about race, or anything like that. Well, as a general rule, that is probably the case. It wasn't the brightest thing for an elected official to say.

However, as far as the miserable, inane, dumbed-down wreck of a political discussion that was the Abbott saga this week, it just goes to show how we still can't be grown-up when talking about issues such as race and racism. A single tweet from an MP, and kaboom -- it's enough to get the same old faces whooping and hollering the same old garbage, the same old lies.

"If it had been the other way around," is the general thrust of these arguments. Well if it had been the other way around, it would have been the other way around. If it had been the other way around, everything would have had to have been the other way around. We would have to be living in a country where black people dominated and white people didn't; where black people had all the jobs but spectacularly untalented black columnists would be writing about how unfair it was, somehow.

As well as all that, you have to suspect that if it had been the other way around, the same faces so outraged and appalled by Abbott's comments would be finding ways to justify what had been said, to claim that it wasn't really all bad.

All this comes in a week when we've been seeing the horribly real consequences of actual racism, with two of the killers of Stephen Lawrence having been brought to justice. This pointless charade about Abbott would be a tacky sideshow at the best of times; in the context of seeing what real racism does, it's even more pathetic.

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.