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Arlene Foster was leader of the Democratic Unionist Party from 2015 to 2021 and, at 39, became Northern Ireland’s first and youngest prime minister in 2016, a position she held until 2021.
She currently sits in the House of Lords as Baroness Foster of Aghadrumsee.
The 54-year-old presenter, writer and political commentator first appeared on television aged 17 when the IRA bombed her school bus.
She became involved in politics while studying law at Queen’s University Belfast, before becoming a solicitor. She lives in County Fermanagh with her husband Brian and their three children.
Baroness Foster of Aghadrumsee was Leader of the Democratic Unionist Party from 2015 to 2021.
What did your parents teach you about money?
I am one of four children, and my father John, who died 12 years ago, aged 81, was a full-time police constable with the Royal Ulster Constabulary and also a part-time farmer.
My mother, Georgina, now 91, was a housewife, but following an IRA attack on my father, who was shot and wounded when I was eight, we had to leave our farm, which hit us hard financially.
However, I didn’t feel poor because my parents were always careful and never spent more than they could afford. In my home, when I was a child, there was no such thing as buying on credit.
If I needed something, I saved it, although I always had enough money to buy my favorite ham-flavored chips.
Have you ever had trouble making ends meet?
Not really, but as a kid I never had the money to spend on things like designer brands that are so common now. If I wanted something, like a bike, I usually had to wait for my birthday or Christmas or save up.
I wasn’t doing very well with money at university and sometimes I would go to my father to ask for a “surcharge”, but I also worked in a supermarket on weekends to supplement my student grant.
Priority: Baroness Foster with Theresa May in 2017, prefers to buy clothes on the High Street rather than online
Have you ever been paid an absurd amount of money?
It is only three years since I left my political post in Northern Ireland, and that job certainly did not pay a fortune.
Being a Lord in the House of Lords and doing some presenting and commentary on television, as I am doing now, is not going to make me filthy rich either. Not that I am complaining.
For those of us living outside London, I think the current daily fee for attending the House of Lords, £361, is fair, as we have to cover our own living and accommodation costs.
What was the best year of your financial life?
I hope he hasn’t arrived yet! No, seriously, as First Minister of Northern Ireland I was well paid, but it was a demanding job.
And while MPs are paid a very good salary (£91,346), it is not huge, and while it is not a popular thing to say, I think there is a case to be made for increasing MPs’ pay if we want to attract the best people to Parliament, given all that the job entails.
What’s the most expensive thing you’ve ever bought for fun?
A chic £300 Tommy Hilfiger bag that caught my eye. I like nice bags that fit me well, to carry my make-up, mobile phone and other odds and ends.
I used to marvel at the late Queen and her ever-present Launer bag. When she was Prime Minister, Lady Thatcher also carried a Launer bag – her secret weapon, perhaps?
What is your biggest financial mistake?
I spent £80 on a pair of navy shoes I saw online a couple of years ago. Unfortunately, the shoes delivered to my home looked nothing like the ones in the pictures on the website.
But I learned my lesson and, although I appreciate the convenience of online shopping, I prefer to try on a garment or pair of shoes in a store before buying them.
Luckily my nearest town, Enniskillen, has a really good high street.
Mistake: An £80 pair of shoes bought online turned out to be a mistake for Baroness Foster
The best financial decision you’ve ever made?
I bought the Hobbs and L.K.Bennett trouser suits, which cost about £300, which I wore as Prime Minister and still wear. I usually go for red because I have dark hair. As a woman in politics, you are judged on these things, but you have so many restrictions on what you can wear. It’s a bit unfair because no one really cares what kind of suit a politician wears.
Do you have a pension?
Yes, I have a Northern Ireland Assembly pension which I can access when I turn 65, God willing. I also make contributions to a private pension.
I have no plans to retire anytime soon, even though my mother, bless her heart, told everyone I was “retiring” when I left politics at age 51. Thanks, Mom!
Do you own any property?
A five-bedroom 1970s bungalow in Northern Ireland, which I co-own with my husband. I love flowers and we have a lovely garden, although, sadly, I am not lucky enough to have a green thumb.
If you were Chancellor, what would you do?
The first thing I would do would be to reduce the UK’s corporate tax rate to encourage prosperity.
The Republic of Ireland’s low corporation tax has attracted multinational companies and is the engine of much of its economic growth. When I was Prime Minister, I wanted to be able to set Northern Ireland’s corporation tax and I still think that this should be explored.
What do I think of Rachel Reeves so far? I am concerned about the impact of recent above-inflation pay rises in the public sector.
What is your number one financial priority?
Staying financially secure and supporting my children in the years to come, even if that doesn’t drive me to want “more, more, more.”
My youngest son is still in school and another is in college, but in a few years I hope they will all be able to support themselves financially.
Baroness Foster is Chair of togetherukfoundation.com, which “focuses on the positivity of the Union”, and Chair of Intertrade UK.
To listen to his ‘Reflections’ interview on Radio 4, visit bbc.co.uk/sounds.
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