Midweek Money: Would an MP trust an MP?
Wednesday 12 August 1998
This was the subject of a survey of 35 Members of Parliament - from Labour, the Conservatives and Liberal Democrats - carried out by Virgin Direct, the financial services company, last month.
The results are intriguing. Almost half those polled, 15 out of 35, said they would buy a financial product directly from a company, ahead of those MPs who preferred to go to an independent financial adviser for help.
A further nine said they would talk to a bank, with one lone MP indicating that the first port of call would be a building society.
Perhaps the most interesting answers came when MPs were asked which single celebrity they would entrust to invest pounds 1,000 of their money.
The "brown-nose tendency" won out on both sides of the House, with John Gunnell, Freser Kemp and Dr Ashok Kumar, all Labour MPs, naming the Chancellor, Gordon Brown, as their choice.
One Liberal Democrat appears to be wavering towards the governing party: Nick Palmer also opted for Gordon Brown, although it is hard to know whether Barry Gardiner, a Labour MP, was serious when he named his parliamentary colleague Geoffrey Robinson, Treasury Minister, as his financial minder.
On the other side, Patrick Colvin, Conservative MP, plumped for Francis Maude, the Shadow Chancellor, as his financial guru. Ken Livingstone lived up to his maverick reputation by announcing he would hand over his pounds 1,000 to "anyone except Gordon Brown".
Other MPs gave more refreshingly bizarre answers, with replies ranging from Melinda Messenger (Colin Breed, Lib Dem); Ivana Trump (Jane Griffiths, Labour); Basil Brush (Michael Moore, Lib Dem) and Richard Wilson (Paul Tyler, Lib Dem).
However, Rowan Gormley, managing director at Virgin Direct, defends the strange choice of some money managers by MPs. He says: "Whether you are watching the pennies or playing the markets, saving money allows you to plan a secure financial future. Judging by their own money making skills, I suspect the likes of Melinda Messenger and Ivana Trump would give the average fund manager a run for their money."
Save Money The MP's Way
MPs on their favourite money-saving hints:
"Don't buy National Lottery tickets."
Paul Goggins, Wythenshaw & Sale East
"I'm still trying to find one that works."
Nick Palmer, Broxtowe
"Minimise your use of energy; wasted energy is money burnt."
Richard Allan, Sheffield
"Inherit a fortune, or marry Liz Taylor, or stay in bed."
Nigel Evans, Ribble Valley
"Use free supermarket shopping-bags as pedal-bin liners."
"Leave before it's your round in the pub."
Lembit Opik, Montgomeryshire
Listen to his collaboration with Naughty Boymusic
Film review Michael Glatze biopic isn't about a self-hating gay man gone straight
Arts & Ents blogs
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 3 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 4 April Fools' Day 2015: The best hoax news stories from around the internet
- 5 Gamers confess the worst things they've done in The Sims
Gaza Banksy mural sold to 'conman' for just $175
Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
Tidal: Jay Z's Spotify rival criticised for making wealthy artists even richer
Top Gear live to go ahead: Jeremy Clarkson to join Richard Hammond and James May... just don't call it Top Gear
James May hints he will not continue on Top Gear without Jeremy Clarkson
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans