PMQs sketch: crimson Cameron takes a bashing

The PM turned into a shouty version of the BBC’s George Entwistle as he tried and failed to cope with Miliband's onslaught.

When the Prime Minister of Great Britain and Northern Ireland accused the Leader of Her Majesty’s Loyal Opposition of telling “a whole load of rubbish jokes" you could tell another week had gone by in the British body politic. And what a week it was as MPs gathered in the Commons chamber for the regular taking of the government’s temperature masquerading as Prime Minister's Questions.

When Harold Wilson declared a week "a long time in politics" he could not know that. 40 years on, former government chief whip Andrew Mitchell would be living, if that’s the right word, proof. Just seven days ago, "Thrasher" sat squirming as Ed Miliband described him as "toast" and his PM professed undying devotion. Fast forward a week, and there were scorch marks where he once sat.

In his place, a rather surprised Sir George Samuel Knatchbull Young 6th baronet, who just six weeks ago had been pensioned off by the same PM who needed his old job as Leader of the House to dump disgraced Health Secretary Andrew Lansley. Sir George, known as a decent old cove in Tory circles, had hardly got his knitting out before being called back to the colours.

Labour’s Kevin Barron (Maltby Comp) tried to make something of the PM’s recent commitment to the masses by pointing out Sir George, like Dave, had gone to Eton, but it was clear the bicycling baronet (for whom the Downing Street cops will undoubtedly salute) was indifferent to such plebby intervention.

But Ed hardly had to bother with this sudden change of fortune as he ranged around the latest confusions and cockups which seem to mark the PM’s passage. The Labour leader came off his seat like Zebedee as Speaker Bercow sounded the bell on the weekly clash where questions asked are never answered and answers given where never questioned. Having demanded an explanation to last week’s energy tariffs fiasco , where the PM had promised benefits for all, Ed gave his own answer. It was another dodgy Dave offer. Normally the PM bats away the first few insults as he tries to hang on to the composure his advisers say should go with the job. But you could have hot-wired him straight into the National Grid and heated Milton Keynes as Ed found his chakra and poked it with a stick. The Prime Minister turned into a shouty version of the BBC’s George Entwistle as he tried and failed to cope with Ed’s onslaught. What about the West Coast main-line, he shouted, to the delight of Labour and the increasingly nervous noise of the Tories.

Chancellor George tried to help out “from a sedentary position” (which is Commons-speak for sitting down) only to be denounced with delight by Ed for his part in the first class ticket fiasco. With the noise in the chamber dangerously close to shaking the Deputy PM out of his slumber of indifference, the Speaker had to produce his own pogo-stick to remind MPs of the rules of engagement. But by now, the Labour leader was enjoying himself too much to stop. “The crimson tide is back,” he said referring to the PM’s now accepted habit of displaying the hues of autumn everywhere above his collar. Dave did try a rather strangulated defence of the question not asked about the economy, revealing that tomorrow’s growth figures for the last quarter will be as good as forecast, but the cheers from his side were lost in the jeers from the other.

With Dave in the doldrums, eyes do stray up and down the government front bench to see who the runners and riders of any future challenge might be. Despite their appearance as nodding dogs every time the PM spoke, most of his cabinet was there to be seen, including Home Secretary Theresa May. She is the latest to be shown in the parade ring, qualifying for so far avoiding departmental meltdown and pressing the right Europe buttons. But her head was bouncing in dutiful sequence with the rest as a relieved Dave, not to mention his party , finally came to the end of the Ed-banging.

As PMQs tried to get back to proper business, Labour’s Tom Watson, scourge of the Murdochs, asked about a file on a paedophile ring which included references to a parliamentary aide to a former Prime Minister. No jokes in this.

David Cameron: "you could have hot-wired him straight into the National Grid and heated Milton Keynes". Photograph: Getty Images.

Peter McHugh is the former Director of Programmes at GMTV and Chief Executive Officer of Quiddity Productions

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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.