The Iraq war and the left: ten years on

Alongside pro-war cheerleaders like Christopher Hitchens, were those who expressed honest doubt and ambiguity, such as Ian McEwan.

No event since the 1984 miners’ strike has divided the left more than the Iraq war. Friendships were ended, political reputations were destroyed and antagonists accused each other of betrayal. Few were more stridently supportive of the US-led invasion of what was once Mesopotamia than Christopher Hitchens. Because he was such a good writer and such a powerful rhetorician, and because he had disciples and followers and inspired lesser imitators, his influence became all pervasive during the run-up to the war and in its long, desperate aftermath. For a time, the “pro-war left” had momentum and even its own “Euston Manifesto” – and Hitchens was cheerleader-in-chief.

One of the best pieces I read on the eve of the invasion was by Ian McEwan, on the openDemocracy website, an anguished expression of honest doubt and ambiguity. “The hawks,” he wrote, “have my head, the doves my heart. At a push I count myself – just – in the camp of the latter. And yet my ambi - valence remains . . . One can only hope now for the best outcome: that the regime, like all dictatorships, rootless in the affections of its people, will crumble like a rotten tooth . . . and that the US, in the flush of victory, will find in its oilman’s heart the energy and optimism to begin to address the Palestinian issue. These are fragile hopes. As things stand, it is easier to conceive of innumerable darker possibilities.”

In the event, darkness prevailed as the state of Iraq, an artificial post-colonial construct held together by one man’s brutality, fragmented into sectarianism, suicide slaughter and chaos. Today, McEwan is among those liberal writers and intellectuals – one includes here the New Yorker journalists David Remnick and George Packer – who publicly regret supporting the war.

The only major writer I can think of who made the journey in reverse is the Nobel laureate Mario Vargas Llosa. He opposed the invasion but then, several years later, following a visit to Iraq, wrote unequivocally in support of it: “All the suffering that the armed intervention has inflicted on the Iraqi people is small compared to the horror they suffered under Saddam Hussein.”

Saddam may be long dead, but the suffering goes on and surely nothing short of partition can ease the conflict between Kurds, Shias and Sunnis as the blood-dimmed tide washes over this desert land.

This is an extract from Jason Cowley's First Thoughts column, which appears in this week's issue of the New Statesman

Thousands of people march along the Embankment towards Hyde Park as they participate in an antiwar protest march February 15, 2003 in London, England. Photograph: Getty Images.

Jason Cowley is editor of the New Statesman. He has been the editor of Granta, a senior editor at the Observer and a staff writer at the Times.

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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.