Are traditional party manifestos dead? Photo: Getty
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Have party manifestos had their day?

The evolution of our politics into a multi-party system would make traditional party manifestos redundant.

One of the unforeseen effects of any evolution of British politics into a five or six party system, with inevitable coalition governments, is the redundancy of the traditional party manifesto.

The need to find common ground between potential coalition partners means the main parties have to water down, or even abandon, cherished manifesto commitments in the interests of making a deal. For junior partners, it also means swallowing measures they don’t like and didn’t put to their electors, as commitments are carved up and spliced together to provide a joint platform.

To put this in context, the Conservatives’ 2010 manifesto, the rather twee “Invitation to Join the Government of Britain”, ran to some 118 pages. In contrast, the coalition’s “Our Programme for Government” boiled down to just 32 pages.

The reason manifestos have outlived their purpose is that it is deeply disingenuous to be definitive about what you would do one day, only to abandon that position, or, even worse, reverse it, the next. If we really are heading towards a less majoritarian system, then our political parties need to face up to the fact that the public’s trust in our system is gossamer enough without encouraging them to break commitments as the necessary precondition of sharing power.

Moreover, the current system fails because there is no recourse for parties that do break their commitments. In its 1997 manifesto, Labour pledged “a referendum on the voting system for the House of Commons”. This would see, “an independent commission on voting systems . . . appointed early to recommend a proportional alternative to the first-past-the-post system”. Roy Jenkins was tasked with coming up with an alternative, which he duly did, but Tony Blair never held the referendum.

Also, the value – and integrity – of a manifesto depends on which issues the parties leave out. Back in 1992, the Conservatives’ manifesto made no commitment to ratifying the Maastricht Treaty, helpfully avoiding party infighting before the campaign. Similarly, none of the parties in 2010 promised to legislate for same-sex marriage, but all voted for it in 2013.

This highlights another glaring weakness of the current system: the pace of events. Politics moves immeasurably faster than when Sir Robert Peel published his Tamworth Manifesto – the first – in December 1834. Unless we are going to have much shorter parliaments, governments need to peer five years ahead when writing their manifestos. By relying on their wayward soothsaying, we build let-downs and betrayals into our current system.

In future, it might be better for parties to set out a clearer, shorter series of harder commitments. This might even include an indication about which other parties they would favour working with in the event of a hung parliament. Parties would need to work much harder at defining their brand in a more values-based way to withstand the effects of any long-term move to coalition politics.

Perhaps, though, the most basic failing of the party manifesto is that nobody reads them. Peel addressed his remarks, rather obsequiously, to the “great and intelligent class of society”. Even back then, manifestos were an elite preoccupation. In the intervening 180 years, not much has changed.

Kevin Meagher is associate editor of Labour Uncut and a former special adviser at the Northern Ireland office. 

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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.