No continuity Milibands here. Photo: Getty Images
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Let's be clear: there is no continuity candidate in the Labour leadership race

No-one in the Labour party thinks that "one more heave" is enough. No-one thinks the party doesn't need to change. The question is: how much change?

Ok.  I’m getting irritated now.  The very idea that anyone really supposes that Labour can stand still and just wait for the government to fall into our lily-white hands is not just daft, it’s offensive.  Nobody thinks that one more heave will win this tug of war.  Everybody – including every candidate for the leadership of our party – believes that we have to change. Nobody is a continuity candidate.  Everybody knows that we are going to have to be absolutely ruthless with ourselves if we are to stand a chance of returning to power.  

Besides, the whole point of Labour has always been change.  Deep, fundamental change in the way our country, our economy, our democracy and the world is run.  If we can’t embrace change ourselves we have no chance of bringing about change in the world.

But let’s be clear, we do come with baggage.  Every single member of the Labour Party does. We have a set of values and principles.  We believe in equality and peaceful coexistence.  We hold that work is the best route out of poverty and that a civilised society protects the vulnerable and the rights of the minority. We know in our guts that grinding poverty can destroy people and that a more equal society is a happier society.  We have railed at every moment of injustice and cheered on every campaigner for democracy and the rule of law.  We see humanity as essentially social but we cherish the freedom of the individual.  This is our baggage – and I for one have no intention of discarding it.  Not because I fear change, not because I believe that Labour has a monopoly of truth, not because I believed every jot and tittle of our manifesto this May, but because politicians without principles are worth nothing.

We’ve other baggage too.  We were in government for thirteen years – and for all the bitch-slaps our opponents try to land on us, there is so much to be proud of.  Others will have their specific policies we should boast of, but I remember so very clearly those hateful years when some attacked the brave souls in our party who campaigned for gay equality as ‘loony lefties’.  But Tony Blair and Jack Straw, building on the 1960s liberalism of Roy Jenkins, managed to crack that argument wide open.  An equal age of consent, gay adoption, gays in the military, an end to discrimination on the grounds of sexuality and civil partnerships all followed because we were brave enough to change our party so that we could change the country.

We can and must do that again, rebuilding our economic credibility and refashioning our whole approach.  Old nostrums will need new analysis.  Individual policies that made sense in the 1950s or 1990s will need re-examining.  At times we will need to revise some of our most cherished ideas, because the world is changing fast. 

But let’s be clear.  There is no point in trying to rerun the 2015 election.  Nor can we just pretend that 1997 is just around the corner.  None of us knows how the 2020 election will play out and it is neither certain that we will win nor inevitable that we will lose.  But one thing is certain, we shall have to reframe the party so that every aspect of our manifesto runs with the grain of life as it is lived today and will be lived in the future, not as it was in our industrial past. Political nostalgia could all too easily undo us.

So yes, let’s embrace change, but if we try to ditch all our baggage we shall look like shape-shifting charlatans. Better to own our baggage and write our own version of our history so that we can write a different future for our party and our country. 

Chris Bryant is shadow secretary of state for culture, media and sport and the MP for Rhondda. 

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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.