Dear: The former Conservative MP served as speaker of the upper house from 2016 to 2021.
Norman, Lord Fowler was Health Secretary from 1981 to 1987, under Margaret Thatcher, and approved a series of hard-hitting advertisements about the dangers of Aids, writes York Member.
A Conservative MP for 31 years, he became president of the party from 1992 to 1994 and president of the upper house from 2016 to 2021.
After graduating from Cambridge, he worked as a journalist at the Oxford Mail, then The Times before becoming an MP.
Father-of-three Fowler, 86, who has just published his diaries, and his second wife, Fiona, divide their time between London and the Isle of Wight.
What did your parents teach you about money?
I was an only child and grew up in Essex. My father, an engineer Norman, who died at age 63, and my mother, a teacher Kitty, who lived to be 92, moved south in search of work in the 1930s.
They were both careful and cautious with money and placed great importance on qualifications, although before the Second World War Essex County Council had a scandalous rule forcing married women like my mother to quit their jobs if their husbands They also worked.
Have you ever struggled to make ends meet?
I’ve never really been stretched thin financially, but there have been times when money was tight. After being selected as Conservative PPC for Nottingham South in the late 1960s, he was still working as a journalist in London. I had to rent a cottage in Nottingham and travel a lot there, fortunately my efforts paid off and I was elected MP in 1970.
Have you ever been paid silly money?
No. Are MPs paid a silly amount? I don’t think so, I think they work hard for their money, and in my day they worked even harder. I was paid to give the odd speech, but no one offered to pay me a large sum to do so. Some politicians make a lot of money after leaving parliament, but some jobs may conflict with their political views.
What was the best year of your financial life?
Probably in 1991 or 1992, when I was a backbencher and became chairman of a West Midlands newspaper group (publishers of the Birmingham Post) which later went public, earning me a tidy sum. That was the first time I didn’t have an overdraft.
Most expensive thing you bought for fun?
The safaris I took in the 2000s with my wife Fiona, Ken Clarke and Leon Brittan and their wives, to Kenya and other parts of Africa for three or four years straight, were like the Conservative Party on manoeuvres. Each trip cost a five figure sum but it was a wonderful holiday and we saw some incredible wildlife. I remember Ken Clarke, a great bird enthusiast, once saying: ‘Forget the hippos, look at those adorable little birds over there!’
What is your biggest money mistake?
It’s a choice between buying a Jaguar convertible and agreeing to be president of the Conservative Party.
My wife refused to drive the car and my grandchildren couldn’t fit in the back. I refused to accept a salary as Conservative president because the party was going bankrupt; I spent the next two years working with John Major trying to fix his finances, to the detriment of mine. I doubt my book will make me much money either, but I enjoyed writing it.
Host of the game: former Conservative party chairman Norman Fowler with his prime minister, Margaret Thatcher
Best money decision you’ve ever made?
I bought a flat on the Isle of Wight in the mid-80s because I couldn’t afford to take my wife and children to France during the school holidays. I initially got a two-bedroom ground floor flat in Seaview for £30,000. Since then we sold it and bought a house and go there every summer for a couple of months.
Do you have a pension?
I receive a parliamentary and ministerial pension, courtesy of the years I spent as an MP, a minister and, later, as Lord Speaker. I also receive the state pension.
Are you an owner? any property?
Yes, I have a six-bedroom house in Seaview, Isle of Wight, which I bought about ten years ago. My wife owns the flat in Fulham where I live when I’m in London.
If you were Chancellor, what would you do?
I would spend more on defense. The Prime Minister has announced a 2.5 percent increase in GDP by 2030. I think it should be 3 percent as soon as possible because if we lose Ukraine, we will be losing a very big war.
What is your number one financial priority?
Not running out of money before I die, and so far, so good.
- The Best of Enemies: Norman Fowler’s Diaries 1980-1997 (Biteback, £25)
Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
