After Watson: who will run Labour's general election campaign?

Douglas Alexander, who ran the 2010 campaign, is the frontrunner.

One immediate question posed by Tom Watson's resignation is that of who will run Labour's general election campaign. The frontrunner to fill the vacancy - Watson had been the party's campaign co-ordinator since October 2011 - is Douglas Alexander.

Alexander, currently shadow foreign secretary, ran the 2010 campaign and is admired by MPs for his intellect and strategic nous. As a figure from the "Blairite" wing of the party, who ran David Miliband's leadership campaign, his appointment would also reassure those concerned that party has drifted too far to the left since 2010.

Finally, it would offer Miliband a chance to demonstrate that it's not Len McCluskey who calls the shots. When I recently interviewed the Unite general secretary, Alexander was one of the shadow cabinet ministers he suggested should be ignored or sacked. McCluskey told me: Ed Miliband must spend most of his waking hours grappling with what lies before him. If he is brave enough to go for something radical, he’ll be the next prime minister. If he gets seduced by the Jim Murphys and the Douglas Alexanders, then the truth is that he’ll be defeated and he’ll be cast into the dustbin of history."

The other names circulating in Westminster are Sadiq Khan (who ran Miliband's leadership campaign), Harriet Harman and Michael Dugher, who has acted as Watson's effective deputy since he was appointed vice-chair in November 2012. He previously served as Gordon Brown’s spokesman and as PPS to Miliband, and is seen as one of the most impressive of the 2010 intake.

Shadow foreign secretary Douglas Alexander speaks at the Labour conference in 2011. Photograph: Getty Images.

George Eaton is political editor of 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.