Leveson day: what happens when?

Your timetable for today.

After eight months of hearings and 474 witnesses, today's the day we get to see the Leveson report. Here's a timetable of the key events.

8am Ed Miliband and his staff received five copies of the 2,000 page report earlier this morning. David Cameron and Nick Clegg were given copies yesterday. In a piece for the Guardian on Monday, Miliband wrote that the government should act on the report's recommendations provided that they are "reasonable and proportionate".

11am The inquiry's "core participants" and selected members of the media will be given access to the report in a secure "lock-in".

1:30pm The report will be published on the inquiry website and Lord Justice Leveson will make a short statement at the QEII Conference Centre in Westminster. He will not take questions and will not give any interviews.

With Leveson due to fly to Australia this weekend to take part in a conference on privacy regulation and to deliver a series of speeches on the future of the media, MPs may not get a chance to question him before Parliament rises on 20 December. The Times (£) reports that Leveson is "unlikely to be available as he is taking a holiday after making the speeches."

3pm Cameron will gave a Commons statement outlining the government's "direction of travel" and Miliband will respond for Labour. This will be folllowed by questions from MPs.

Nick Clegg will then give a separate statement setting out the Liberal Democrat position and Harriet Harman, in her capacity as shadow culture secretary, will respond for Labour.

Clegg said this morning: "I believe in a vigorous free press holding the powerful to account and not subject to political interference. But a free press does not and cannot mean a press that is free to bully innocent people or free to abuse grieving families. I hope when Lord Justice Leveson gives his statement later today, we’ll remember the reasons why this inquiry was set up."

Lord Justice Leveson at the launch of his inquiry into the press earlier this year. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

Photo: Getty Images
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How can Britain become a nation of homeowners?

David Cameron must unlock the spirit of his postwar predecessors to get the housing market back on track. 

In the 1955 election, Anthony Eden described turning Britain into a “property-owning democracy” as his – and by extension, the Conservative Party’s – overarching mission.

60 years later, what’s changed? Then, as now, an Old Etonian sits in Downing Street. Then, as now, Labour are badly riven between left and right, with their last stay in government widely believed – by their activists at least – to have been a disappointment. Then as now, few commentators seriously believe the Tories will be out of power any time soon.

But as for a property-owning democracy? That’s going less well.

When Eden won in 1955, around a third of people owned their own homes. By the time the Conservative government gave way to Harold Wilson in 1964, 42 per cent of households were owner-occupiers.

That kicked off a long period – from the mid-50s right until the fall of the Berlin Wall – in which home ownership increased, before staying roughly flat at 70 per cent of the population from 1991 to 2001.

But over the course of the next decade, for the first time in over a hundred years, the proportion of owner-occupiers went to into reverse. Just 64 percent of households were owner-occupier in 2011. No-one seriously believes that number will have gone anywhere other than down by the time of the next census in 2021. Most troublingly, in London – which, for the most part, gives us a fairly accurate idea of what the demographics of Britain as a whole will be in 30 years’ time – more than half of households are now renters.

What’s gone wrong?

In short, property prices have shot out of reach of increasing numbers of people. The British housing market increasingly gets a failing grade at “Social Contract 101”: could someone, without a backstop of parental or family capital, entering the workforce today, working full-time, seriously hope to retire in 50 years in their own home with their mortgage paid off?

It’s useful to compare and contrast the policy levers of those two Old Etonians, Eden and Cameron. Cameron, so far, has favoured demand-side solutions: Help to Buy and the new Help to Buy ISA.

To take the second, newer of those two policy innovations first: the Help to Buy ISA. Does it work?

Well, if you are a pre-existing saver – you can’t use the Help to Buy ISA for another tax year. And you have to stop putting money into any existing ISAs. So anyone putting a little aside at the moment – not going to feel the benefit of a Help to Buy ISA.

And anyone solely reliant on a Help to Buy ISA – the most you can benefit from, if you are single, it is an extra three grand from the government. This is not going to shift any houses any time soon.

What it is is a bung for the only working-age demographic to have done well out of the Coalition: dual-earner couples with no children earning above average income.

What about Help to Buy itself? At the margins, Help to Buy is helping some people achieve completions – while driving up the big disincentive to home ownership in the shape of prices – and creating sub-prime style risks for the taxpayer in future.

Eden, in contrast, preferred supply-side policies: his government, like every peacetime government from Baldwin until Thatcher’s it was a housebuilding government.

Why are house prices so high? Because there aren’t enough of them. The sector is over-regulated, underprovided, there isn’t enough housing either for social lets or for buyers. And until today’s Conservatives rediscover the spirit of Eden, that is unlikely to change.

I was at a Conservative party fringe (I was on the far left, both in terms of seating and politics).This is what I said, minus the ums, the ahs, and the moment my screensaver kicked in.

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.