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
Arts & Ents blogs
- 1 Al Pacino on suffering from depression: 'It can last and it's terrifying'
- 2 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Jessica Chastain demands Scarlett Johansson-fronted Marvel superhero movie
Downton Abbey series 5 start date revealed: ITV drama to return in late September
Nicki Minaj suffers wardrobe malfunction during MTV VMAs performance with Ariana Grande and Jessie J
How to read Will Self: Unlike 'talented mediocrity' George Orwell, you must approach this writer dictionary in hand
New Netflix releases: Films and TV shows coming in September 2014
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain