Harriet Harman sings The Red Flag with Ed Miliband at the Labour conference in 2011. Photograph: Getty Images.
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Angela Eagle backs Harman to become deputy prime minister under Labour

Shadow leader of the House of Commons says no "reason whatsoever" why deputy leader should not do job after reports she could be denied it.

Harriet Harman's recent lecture on parliament and equaliy, in which she argued that she would have become deputy prime minister had she been a man, prompted speculation over whether she would hold the position in a future Labour government. Last year it was reported that Ed Miliband would abolish the role if he became prime minister, but Harman's speech was a clear signal that she would like it. 

In response to her comments, a Labour spokesman said: "As Harriet made clear, Labour’s focus is on winning the general election. Any announcements on cabinet posts will wait until after the result", leaving open the possibility that she could be denied it.

But one person who believes she should take on the role if Labour wins next year is Angela Eagle. When I interviewed her earlier this week, the shadow leader of the House of the Commons and the chair of the party's National Policy Forum (which opens in Milton Keynes today) told me there was no "reason whatsoever" why she shouldn't do the job. 

Eagle rightly noted it was "for Ed" to decide, but in a clear endorsement of her colleague, she added:

She’s the deputy leader, she has her own mandate, directly-elected in the Labour Party, I was one of the people that supported her. She’s been a doughty performer for women by her own experience, by the example that she’s given since the early 80s. She’s a great feminist, she’s a fantastic communicator for the Labour Party and I don’t see any reason whatsoever why she shouldn’t be the deputy prime minister in a Labour administration.

If momentum gathers behind the idea that Harman should do the job it will be harder for Miliband to scrap it. 

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.