Barack Obama's statement on the Connecticut shooting

The full text and video of the US president's response to the massacre at Sandy Hook elementary.

This afternoon, I spoke with Governor Malloy and FBI Director Mueller.  I offered Governor Malloy my condolences on behalf of the nation, and made it clear he will have every single resource that he needs to investigate this heinous crime, care for the victims, counsel their families.

We’ve endured too many of these tragedies in the past few years.  And each time I learn the news I react not as a President, but as anybody else would -- as a parent.  And that was especially true today.  I know there’s not a parent in America who doesn’t feel the same overwhelming grief that I do. 

The majority of those who died today were children -- beautiful little kids between the ages of 5 and 10 years old.  They had their entire lives ahead of them -- birthdays, graduations, weddings, kids of their own.  Among the fallen were also teachers -- men and women who devoted their lives to helping our children fulfill their dreams. 

So our hearts are broken today -- for the parents and grandparents, sisters and brothers of these little children, and for the families of the adults who were lost.  Our hearts are broken for the parents of the survivors as well, for as blessed as they are to have their children home tonight, they know that their children’s innocence has been torn away from them too early, and there are no words that will ease their pain. 

As a country, we have been through this too many times.  Whether it’s an elementary school in Newtown, or a shopping mall in Oregon, or a temple in Wisconsin, or a movie theater in Aurora, or a street corner in Chicago -- these neighborhoods are our neighborhoods, and these children are our children.  And we're going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics.

This evening, Michelle and I will do what I know every parent in America will do, which is hug our children a little tighter and we’ll tell them that we love them, and we’ll remind each other how deeply we love one another.  But there are families in Connecticut who cannot do that tonight.  And they need all of us right now.  In the hard days to come, that community needs us to be at our best as Americans.  And I will do everything in my power as President to help.

Because while nothing can fill the space of a lost child or loved one, all of us can extend a hand to those in need -- to remind them that we are there for them, that we are praying for them, that the love they felt for those they lost endures not just in their memories but also in ours.

May God bless the memory of the victims and, in the words of Scripture, heal the brokenhearted and bind up their wounds.

Barack Obama wipes tears as he makes a statement in response to the elementary school shooting in Connecticut. Photograph: Getty Images.
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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.