Moving for the youth

In an interview with this newspaper, the Prime Minister strikes an optimistic tone and promises a “free market-led recovery”. One of his boldest pledges is help to buy property for those who have very small deposits, with the state perhaps guaranteeing up to 95 per cent of their mortgage.

This is one of the great issues of our time. Many in the younger generation desperately want to become property owners but the dream remains out of reach – getting them on to the ladder would be a transformative experience.

A very worrying feature of contemporary politics is the perceived gulf between the needs and values of the young and old. Everything is cast in this light, from Brexit to the coronavirus, pushing the idea that young people are being made to sacrifice their futures. This just isn’t true: the old want to see the young get on in life and the young will be old someday, too – so they need to plan for the future. In other words, we all have a stake in transforming Generation Rent into Generation Buy. The dangerous alternative might be a cohort that feels capitalism doesn’t work for them, driving them into the arms of the radical Left.

Of course, the devil is in the detail: no government wants to encourage people to take on loans they can’t afford. Plus, that long-term, free market tomorrow depends on decisions made today. If we shut down too much of the economy, then it’ll make it much harder to trigger a growthled resurgence in the New Year.

The Chancellor has shown that he gets this; the PM says they are of one mind. There is a balance to be struck in policy, between intervention where absolutely necessary and trusting citizens to make the right decisions where possible.