The coronation of King Henry III: is the Magna Carter a warning to radicals? Photo: British Library
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Not so radical: Jesse Norman on Magna Carta's conservatism

Here, as so often in our history, it is property rights that secure individual freedom.

As so often, it is Tony Hancock who puts it best: “Does Magna Carta mean nothing to you? Did she die in vain?”

Admittedly, for Hancock, Magna Carta is “that brave Hungarian peasant girl, who forced King John to sign the pledge at Runnymede and close the boozers at half past ten”. But briefly at least, it must have looked as though the real Magna Carta did die in vain. After all, it was annulled by the pope within three months, on the grounds that it was exacted under duress. Little more than a year later the king himself was dead.

Yet Magna Carta has its own genius, and it has evolved into an idea that sits above the petty politics of left and right. Its magnificent articles 39 and 40 – which forbid seizure or imprisonment without lawful judgment, and the sale, denial or delay of justice – are rightly celebrated as cornerstones of the British constitution, and so of the modern international rule of law.

Today Magna Carta is claimed by many on the left of politics. For them it is a radical document of popular opposition to tyranny, a pioneering statement of human rights and the foundation of our parliamentary democracy. Similar views are held by some Americans, who see in it revolutionary fervour and a proto-constitution akin to the “Miracle at Philadelphia” of 1787.

Unfortunately, this is a misreading. The Great Charter was not the product of extended reflection but put together in haste. It nowhere mentions democracy, nor anything close to it, and it pre-dates the establishment of full democracy in this country by more than 900 years. King John was not a tyrant and parliament did not exist at the time. One can hardly imagine a group further removed from radical populism than the bishops and noblemen who signed it. The “free men” whose rights it declares were barely one in seven of the (male) population.

In fact, Magna Carta is a profoundly conservative document. That moment at Runnymede was an extraordinary one, without doubt. Yet the charter was not a novelty. Rather, it codified and repeated rights that had long had currency; and its influence derived from later demands that each new sovereign repeat, and perhaps extend, them.

These rights arose from the common law, the law of the land not of the rulers, a body of law that arose piecemeal and gradually evolved in reaction to particular cases and particular demands for justice. This is not the statute law beloved of radicals, and its rights are not abstract generalities but specifically derived and enunciated. Far from being a radical bill of rights, the hallowed text of Magna Carta deals with fines, fees and land – and is all the stronger for it. Here, as so often in our history, it is property rights that secure individual freedom.

But the genius of Magna Carta lies not merely in its embodiment of the common law, but in its separation of personal kingship from the institution of the monarchy and its demand that the king may only levy taxes through his council. No man is above the law, it insists, and with power must come accountability. The charter’s “security” clause is a pioneering attempt to enforce these principles.

However, the story of Magna Carta also carries an implicit warning to modern radicals. Understanding our constitution requires a careful reading of British history; it cannot simply be imported from America. There is no constitutional Year Zero. Changing the rules by which we are governed requires particularly careful thought. To codify our constitution would be to destroy it.

Jesse Norman is the MP for Hereford and South Herefordshire, and the author of a biography of Edmund Burke

Now read Owen Jones, Melvyn Bragg, and Tom Holland on Magna Carta

This article first appeared in the 04 June 2015 issue of the New Statesman, The myths of Magna Carta

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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.