Stem cells: this election's neglected child

An important issue pushed into the background.

In a US election year dominated by economic issues, research using human embryonic stem cells (hESC) has received far less attention in 2012 than in previous election years – just another social debate pushed into the background, despite its ethical controversy and the fact that it could have major implications for the treatment of conditions as serious and widespread as diabetes, cancer, heart disease and dementia.

Although stem cell research isn't exactly on top of this year's election agenda, the result when America goes to the polls on 6 November could have a major impact on hESC research in the US. The main issue at hand is not whether embryonic stem cell research should be banned – both Obama and Romney agree that this research is legal – but whether it should be federally funded through the National Institutes of Health (NIH).

President Obama has effectively made his position clear during his time in office. In 2009, he reversed a directive from his predecessor George W Bush that denied federal funding to research on any stem cells created after 2001, limiting researchers to the 21 stem cell lines (a family of constantly dividing cells) that had been derived from embryos up to that point. Obama's legislation re-opened the 1,000 or more stem cell lines that have been created since then to federally-funded research, a move welcomed by the scientific community and condemned by pro-life campaigners and conservative Republicans.

In reality, despite Obama's 2009 legislation, under the Dickey-Wicker amendment introduced in 1996 it is still illegal in the US to pursue any research that involves the creation, destruction or discarding of human embryos, meaning that although American scientists can conduct research on stem cell lines derived from embryos, they are barred from using embryos to create their own lines. The Dickey-Wicker amendment remains an obstacle to embryonic stem cell research in the US and it's unclear if the president would have the clout to do away with it if re-elected.

Romney's personal view on hESC seems to broadly follow the pro-life stance of his party; he supports stem cell research in general, but opposes the destruction of embryos for the purpose. In a Republican presidential candidates' debate for the last election in 2007, Romney stated that he wouldn't use federal funds to finance hESC research. This would essentially take the US back to the same situation as under George W Bush, and there's no reason to think that Romney has changed his position between 2007 and now.

The Republican candidate has consistently extolled the benefits of adult and umbilical cord stem cells, which, he asserts, provide the benefits of creating pluripotent cells without the "moral shortcut" of destroying an embryo in the process. Alternatives to embryonic stem cell research are Romney's perfect political solution, allowing him to appear to support stem cell research without losing the religious right by excusing the destruction of embryos.

From a scientific standpoint, his position is less tenable. Researchers have said that the development of non-embryonic stem cell types is actually dependent on embryonic stem cell research as a complementary process. So by plugging adult stem cell research alternatives as the exclusive answer to the field's ethical issues, Romney may be unwittingly damaging their development by depriving researchers of important side-by-side embryonic research.

Whatever the outcome of the elections on 6 November, the US is unlikely to live up to its stem cell research potential when compared to world leaders in the field. If Obama wins, there will at least be federal funding to study existing embryonic stem cells, but the Dickey-Wicker amendment will maintain the ban on creating new stem cell lines. If Romney turns the tide and emerges on top, American stem cell researchers will likely have to suffer through four more years in the unfunded wilderness.

This piece can be read in full here.

Stem cell issues: still important issues. Photograph: Getty Images

 

Chris Lo is a senior technology writer for the NRI Digital network.

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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.