Derry or Londonderry?

Even the BBC can’t decide.

Tuning in to the BBC late last night, I watched a report about the Saville inquiry into the events of Bloody Sunday, 1972, during which the studio presenter referred to the Northern Irish city of "Londonderry". When we went to a report from the area, however, the name of "Derry" was used. Naturally, there are historical resonances attached to both versions.

Unionists -- and especially their supporters in England -- have a strong preference for Londonderry, as it was renamed in recognition of its connections with City of London livery companies during the Plantation of Ulster in the 1600s.

Nationalists tend to prefer the name that served perfectly well for centuries before the inhabitants of the large island next door decided to occupy the neighbouring lands across the Irish Sea -- "ye that have harried and held/ye that have bullied and bribed, tyrants, hypocrites, liars!", as Patrick Pearse, leader of the 1916 Easter Rising, called them in his poem "The Rebel".

As Saville is going to be in the news in the coming days, there is a significance in the nomenclature used in reports. The Guardian style guide, for instance, states firmly: "Derry, Co Derry. Not Londonderry." A BBC press officer tells me she doesn't think the corporation has any internal guidelines.

The Independent's letters editor and style supremo, Guy Keleny, says that paper would aim to be "non-tendentious and even-handed as regards the history of Northern Ireland". So, the local authority, which voted to revert to the original name of Derry in 1984, "has the right to call itself whatever it wants". However, the high court ruled in 2007 that Londonderry is in the city's royal charter and remains its legal name.

An old edition of the Oxford Dictionary for Writers and Editors lists Derry as a "postally acceptable abbreviation" of Londonderry, while I gather the comedian Dara O'Briain makes light of the competing versions when he performs in the city by opening his show with the line: "Hello, my name is Dara, or if you prefer, you can call me Londondara."

You can find quite a history of the dispute on Wikipedia here, although some of its statements are questionable. It says, for instance, that "The Londonderry Air" ("Danny Boy") is "seldom" called "The Derry Air". Not so "seldom" in southern Irish circles, that's for sure.

Keleny adds: "there ought to be a Platonic ideal" for the name of the actual place -- but that is still only an aspiration. As Éamonn Ó Ciardha of the University of Ulster says: "The Ulster Plantation may have been 400 years ago but its impact is still being felt at home and abroad." Not least in the findings of the Saville inquiry, which are published today.

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Sholto Byrnes is a Contributing Editor to 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.