Support for Scottish independence falls to lowest level this year

After an SNP poll put the Yes campaign ahead, a new TNS BRMB survey puts backing for independence at just 25% with 47% opposed.

After being cheered by Monday's (unreliable) SNP/Panelbase poll on Scottish independence, which put the Yes campaign ahead for the first time since August 2011, Scottish nationalists have woken up to the grim news that support for separation has fallen to its lowest level this year.

A new TNS BRMB poll shows that just 25% would vote for independence compared to 47% who would vote against it. The survey is further evidence of why the SNP poll should be treated with scepticism. Those polled were first asked whether they thought Scotland could be "a successful, independent country" and whether they trusted the Scottish government or Westminster to take "the best decisions for Scotland". It's likely that both questions nudged people towards supporting independence in the final question.

Every other poll in the last two years has shown the No campaign ahead by a convincing margin and the TNS BRMB survey and last week's YouGov poll (which put the No camp ahead by 59-29) suggest that trend will continue. 

If there is any consolation for the Yes campaign, it's that 28% of voters are undecided, up from 15% in February, but it would need to win over 79% of them to close the gap with the No camp. At present, even if, as Alex Salmond recently told the NS, "This is the phoney war. This is not the campaign. I went into an election [for the Scottish Parliament] in 2011 20 points behind in the polls and ended up 15 in front. The real game hasn’t even started. We are just clearing the ground", that is looking like a near impossible task. 

Scottish First Minister and SNP First Minister Alex Salmond. 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.