Importance Score: 35 / 100 🔵
Former Speaker of the House of Commons, John Bercow, served as the Conservative Member of Parliament for Buckingham from 1997 to 2019. Prior to his notable political career, Bercow, born in Edgware, Middlesex, combined his engagement in politics with experience in merchant banking. He subsequently employed his communication skills as a lecturer in communication and campaigning, training over 600 Conservative supporters, including numerous Members of Parliament. Since departing Parliament, Bercow authored his autobiography, “Unspeakable,” and appeared in the US television program “The Traitors,” reaching the final elimination round. He presently resides in Battersea, South London, with his wife Sally, a public relations professional, and their three children.
Financial Perspectives from Formative Years
What financial principles did your parents instill?
Avoid gambling. My father firmly believed bookmakers invariably profit. It’s important to note I harbor no moral opposition to gambling; I have only ever placed bets when the stakes were inconsequential.
I recall a good-natured disagreement with a parliamentary colleague regarding the victor of the third set in the 1974 Wimbledon men’s final. He adamantly asserted it was Ken Rosewall and challenged me to a £10 wager. Knowing definitively it was Jimmy Connors, I accepted his money, despite feeling slightly uneasy about it.
Childhood Financial Background
Was financial stability a concern during your upbringing?
For a period in the 1960s, my parents, Brenda and Charles, along with my sister Alison and myself, were comfortably within the middle class. My father managed his own business and acquired our residence in Woodside Park, North London, with a minimal or nonexistent mortgage. He maintained an almost obsessive aversion to debt.
By 1972, his business encountered financial difficulties. He was compelled to liquidate his second-hand car business, which had suffered considerably due to a steep rise in oil prices. Regrettably, my parents divorced shortly thereafter.
Encounters with Financial Difficulty
Have you ever experienced hardship making ends meet?
No.
Most Successful Financial Year
What year marked your greatest financial success?
The year following my departure from the House of Commons in 2019. The publication of my autobiography and numerous engagements as a public speaker for business audiences collectively generated an income exceeding my parliamentary salary (£79,468 in April 2019) and my additional Speaker’s salary (approximately £77,000). For 35 years, I was not compensated for public speaking, as my role was to represent my party or, as Speaker, maintain impartiality.
Optimal Financial Decision
What do you consider your most astute financial decision?
Purchasing a second home in London in 2003. It was a three-bedroom apartment. Despite common advice against selling property, we sold it in 2011 because we could no longer afford to maintain two properties and required a larger residence for our three children. This decision, which my father would have likely disapproved of, resulted in a £500,000 profit.
Greatest Monetary Misjudgment
What has been your most significant financial error?
My ambition was to become a barrister, and I commenced a postgraduate law course. At that time, I held an elected position as national chairman of the Federation of Conservative Students, and the party desired me to assume the full-time position immediately. Despite explaining my ongoing course, they were insistent, leading me to discontinue my legal studies. This was potentially a misjudgment, as it could have led to a politically advantageous and financially rewarding career.
Most Lavish Purchase for Leisure
What is the most expensive item you have purchased purely for enjoyment?
As a young man in 1988, I splurged on a Caribbean cruise. Looking back, it was somewhat extravagant. I funded it with the remaining funds after purchasing my first apartment in Streatham, following my father’s passing.
Small Indulgence
What is one small luxury you regularly treat yourself to?
I previously indulged in fine whisky, but I no longer consume alcohol. I do enjoy smoked salmon, although I consider it a somewhat excessive indulgence. This inclination, I believe, stems from my upbringing.
Pension and Stock Market Involvement
Do you contribute to a pension or invest in the stock market?
I have a pension, but I do not engage in stock market investments. I lack the appetite for personal finance risk associated with stocks.
Chancellor’s Initial Action
If you were Chancellor, what would be your first policy?
While there is considerable media attention on benefit fraud, tax evasion also represents a substantial issue. I believe that during periods of austerity, when there is pressure to rectify public finances, we have a responsibility to seek greater contributions from those who are more affluent and less from those who are less fortunate.
Primary Financial Objective
What is your paramount financial priority?
My foremost priority is to maintain a satisfactory income level for as long as my health permits. While subsequent professional roles may not be as stimulating as my tenure as an MP, I derive pleasure from communication. It is often said that people fear three things: death, which I do not; taxes, which are the price of living in a society; and public speaking, which I find I thoroughly enjoy.