Most of them are even more bored by the election than you are.
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What do other countries think about the general election?

What do other countries make of Britain's elections? They're even less interested than you are. 

Last week, I found myself chairing a discussion on whether or not the British election mattered, but with a difference: it was a panel made up entirely of foreigners,=,

You know those interventions where someone's friends and family come and will explain how much they care about them? This was basically the exact opposite.

With less than two weeks to polling day, it's striking how little of the election debate within Britain has focused on the outside world. Even on Europe, the focus has been more on Ukip itself than the broader issues.

The rest of the world, meanwhile, has largely ignored the vote. If anything, it has garnered less attention than last year's Scottish independence vote.

That might change, of course, but the bottom line seems to be that this particular election -- even with #kitchengate, #milifandom, the #Cameronettes and Farage -- is just not globally interesting.

Particularly after the 2013 vote not to intervene militarily in Syria, Britain is just seen less relevant and less bothered.

Each of the panellists on Wednesday had their own different reasons for explaining why it didn't matter.

First up was Rahul Roy-Chaudhury, a former Indian security official. He had just returned from Washington DC and a string of meetings at the State Department, Pentagon and elsewhere.

Had anyone asked him about the UK election there? No.

Did India care either? Not really, he said. India's government was "ruthlessly pragmatic" in its relationships and Britain was no longer seen as a major strategic partner.

Next up was Marina Prentoulis, lecturer at the University of East Anglia and London spokeswoman for the Greek ruling party Syriza. The Greeks didn't really care either, she said. Britain was seen outside the eurozone decision-making structures. And Ed Milliband was seen too soft for a Labour victory to be really seen part of a wider backlash against austerity.

American political consultant Jennifer Brindisi gave a somewhat more nuanced answer. No, she said, most Americans did not care -- they were already too focused on next year's presidential vote and none of the British contenders had sufficient "rockstar" appeal (although it might have been different if David Milliband or Boris Johnson were on the ticket).

Within the business community, however, had noticed. The Conservative EU referendum and Labour tax plans both worried them. On balance, she said, they preferred the idea of the Tories.

On national security, Washington has expressed concern at UK defence spending dropping below two percent of GDP. And there's at least some interest in whether the UK keeps the Trident nuclear deterrent or not.

Finally, US State Department media specialist Barakat Jassem summed up the mood in the Middle East. They really didn't care either, he said.

That didn't mean there weren't some interesting broader lessons, the panel concluded. Indeed, British Nigerian writer Emmanuel Akinwotu said he thought this year’s election was amongst the most interesting in recent years, even if not as significant as 1997 or maybe even 2010.

The increased support for unorthodox parties such as UKIP, the overall fatigue with mainstream politics, the growing polarisation and dispute between those who want greater regulation and tax and those who oppose it all have wider relevance.

The problem with mainstream politics in Britain, Greece's Prentoulis said, was that they were striving for a centre ground that no longer existed.

For what it's worth, I'm with Emmanuel -- this is an interesting election. And many of the issues Britain is battling with, not least the growing divide between the political and commercial centre of London and the rest of the country, do have much wider relevance.

Britain may be a much reduced force on the world stage but ironically its capital city is at its most powerful in decades, the centre of a globalised trading system that it ultimately largely created.

It also faces some interesting choices -- on Europe, obviously, even if the polls suggest the UK will stay. The return of an assertive Russia also raises some pressing defence questions, not least altering the debate on Trident.

But whatever Britain chooses, the rest of the world will continue largely regardless.

In Whitehall and to a lesser extent in Washington, officials and pundits now talk of a Britain that is "absent from the world". Frankly, it worries and upsets them.

But as one British official put it, maybe that's just what the electorate wants. No one is hugely interested in domestic Dutch or Norwegian politics either and they are perfectly pleasant places to live.

As Iraqi born Jassem said, there's a lot to be said for living in a non-newsworthy country. It's not surprising that the prime concern for most Britons are domestic.

But a Britain that doesn’t want to be noticed is a very different kind of Britain.

The discussion took place at the Project for the Study of the 21st Century, whose website is here.

 

Peter Apps is a Reuters correspondent currently on sabbatical as the safety director of the Project for Study of the 21st Century.

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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.