Download Ebook No More Champagne: Churchill and His Money, by David Lough

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No More Champagne: Churchill and His Money, by David Lough

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Review

“The money troubles―and solutions―that preoccupied Churchill, an aristocrat who cut his political teeth in a plutocratic age, make for spicy reading in our own increasingly plutocratic times...Lough, a banker himself...doggedly pursues the ins and outs of Churchill's finances.”―The Atlantic"Astonishing revelations...This book makes you wholly rethink the received wisdom about the icon....There is still rich ore to be found in the best-mined streams."―The Guardian (London) “[A] fascinating study of Churchill’s finances....No More Champagne recasts many aspects of Churchill’s well-known biography. Interestingly, for instance, Mr. Lough suggests that Churchill’s famous periods of depression, what he called his “black dog,” coincided just as much with low points in his finances as they did with political events.”―The Wall Street Journal "David Lough’s No More Champagne may become a classic. It will transform the way that Churchill is interpreted and understood."―Timothy Congdon, The New Criterion"A surprising page-turner."―The Economist (London)"To view someone from just one angle is usually to deform them, but David Lough, drawing on compelling material including Churchill’s tax records, more than justifies his audit....Astonishing."―The Daily Telegraph (London) "Debut author Lough, an investment advisor, succeeds beyond any reasonable expectation in making this unique chronicle of Winston Churchill’s money problems fascinating, even for those with limited interest in financial matters."―Publishers Weekly (starred review)“Just when you thought there could not be another angle to this endlessly fascinating character, here's a serious, thorough look at Winston Churchill's lifelong struggle to pay the bills....Chockablock with credits, debits, taxes, and inheritances, the book is nothing if not meticulous. Moving in a stringent chronology, the author's impressive nuts-and-bolts account finds Churchill's golden years crowned by selling his memoirs and film rights.” ―Kirkus Reviews“[Lough] is a courteous guide, whose knowledge of the arcane world of investment (and its pitfalls) enables him to explain what went wrong and how Churchill managed to scrape through. The result is a fascinating read.”―The Times (London)“[An] excellent and entertaining work.”―Prospect (London)“There is a voyeuristic thrill in peering into the finances of any famous family, and Lough supplies plenty of eye-opening detail to keep his narrative flowing. But Churchill buffs and economic historians too will find valuable insights in the light Lough sheds upon the man and his times.”―Financial Times (London) “This book brilliantly illuminates one of the few unexplored aspects of Winston Churchill's life-his private finances. Based on a wealth of fresh documentary evidence, it also reveals much about his larger-than-life character. In these fascinating pages, Churchill emerges as extravagant in every way, especially in his addiction to risk.” ―Piers Brendon, former Keeper of the Churchill Archives Centre“David Lough's minutely researched and richly enjoyable study reveals Churchill's political career and private financial dealings are united by a common thread of exceptional risk-taking and extraordinary recklessness.” ―Paul Mason, author of Postcapitalism“Churchill made history. He also made money-and spent it. This fascinating piece of historical accountancy goes through the books and opens up new insights into the life and lifestyle of Britain's most famous twentieth-century leader.” ―David Reynolds, author of In Command of History: Churchill Fighting and Writing the Second World War "Lough exposes the reader to completely new elements in Churchill's thinking, which have remained largely untouched by biographers and historians...compelling." --History Today

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About the Author

David Lough studied history at Oxford under Richard Cobb and Theodore Zeldin. After a career in financial markets, he founded a business that advises families on looking after their investments, tax affairs and estates. No More Champagne is his first book.

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Product details

Hardcover: 544 pages

Publisher: Picador; First U.S. edition (November 3, 2015)

Language: English

ISBN-10: 1250071267

ISBN-13: 978-1250071262

Product Dimensions:

6.4 x 1.8 x 9.6 inches

Shipping Weight: 1.6 pounds (View shipping rates and policies)

Average Customer Review:

4.6 out of 5 stars

71 customer reviews

Amazon Best Sellers Rank:

#5,271 in Books (See Top 100 in Books)

This is a superb, impressive book. It sheds new light on a biographical subject who receives book after book, year after year. It is not, however, a biography. It is an account of Churchill’s personal finances. Since he had ‘finances’ throughout his adult life it is keyed to the times and events in that life and is, thus, an ongoing biographical supplement. In other words, it does not depart from the central subject—WSC’s finances—but it contextualizes them within his larger experience and thus contains the outline of a biography for those unfamiliar with that subject.It is extremely telling, since WSC’s finances were inordinately complex. He characteristically lived beyond his means, constantly borrowing, juggling and maneuvering. His wishes, desires and ‘needs’ always came before the resources he needed to support them. He borrowed money in order to invest money. When he emerged from the red with fresh monies he started investing and buying immediately. In some cases he bought stocks (‘shares’) but he also bought racehorses. The stress which such a lifestyle would have brought would be unnerving to most, but for WSC it was standard operating procedure. He also needed to conjure with, at some points in his life, 97.5% taxation rates. At his level this meant meeting directly (or through his lawyers) with the actual minister of Inland Revenue. Since some items/activities were taxed and others were not, this was another area which required a great deal of maneuvering. WSC was drawing significant income from America as well and that presented a further set of challenges and opportunities. Moreover, he was a professional writer (historian, memoirist, correspondent, essayist, novelist, and so on) who could trade on his position as well as his experience and who frequently utilized official government papers (to be distinguished from his personal government papers), so that he often constituted a ‘special case’, his activities creating vast, gray areas in the tax laws.The study of these matters is, accordingly, very complex. Not only does it require working in abstruse archival material (often for the first time), it also requires a knowledge of the law and of multiple industries. As a retired financial specialist David Lough is perfectly positioned to write this book; what is so impressive is that he also possesses the requisite knowledge of WSC and the research and writing skills of a professional historian.The first concern of a possible reader is immediately addressed: inflation. What do these numbers actually mean? To address this issue, Lough prefaces each chapter with inflation multipliers and then includes them (a wonderful decision) in the running title on each verso page. Even with all of that information, WSC’s dealings were so vast and convoluted (and the amounts so high) that I found myself constantly resorting to the calculator on my iPhone to clarify amounts.This book is, thus, a wonderful reference tool for those seeking other forms of biographical information and, of course, a magnificent source for gossipy facts. Just how much Pol Roger did the Chartwell household consume? How many Cuban cigars did WSC smoke each day? What was his idea of a suitable reduction (for cost-saving purposes)? His Bottlescape painting features Johnnie Walker black label scotch; was that his preferred scotch? What were the levels of his brandy and claret consumption?Finally, this book provides a sense of the manner in which a very specific aristocrat lived, but it offers a sense of the way many aristocrats lived, who depended on trusts, sometimes had to tap into principal, dealt with extremely high taxation and so on. Most of these individuals lived on investments and not on the fruits of their personal labor. Here, Churchill is the grand exception, with his writing. Not only does the book provide a sense of the fees and royalties (in his case at the highest level) for radio, newspaper, film and book writing activities; it also informs the reader concerning the fees earned by copy editors, proofreaders, agents and ghost writers.In sum, this is a masterful book—entertaining, enlightening and very helpful for a multiplicity of purposes.

It's difficult for a biographer to find an "in" or a "niche" to write a biography around. Particularly a biography of Winston Churchill, who not only was the subject of many books, but who also wrote numerous autobiographies and memoirs. There's not much left for a new biographer to cover but British author David Lough finds one in his new biography, "No More Champagne: Churchill and His Money". Lough comes at his subject not as an historian, but rather after a long career as a private banker. He has an expertise that shows well in his examination of Churchill's life from a financial point of view.Winston Churchill was in debt most of his life. But it was a "gentleman's" debt; he owed money to maintain his lifestyle. His parents - American mother and British father - lived beyond their means. His mother, in particular, lived on the edge of financial failing which was the result of her profligate spending. There seemed to be little incentive for any of the Churchills to maintain a budget; borrowed and gifted money was easily obtained. Bills to shops were rung up with little regard to their ultimate payment or the effect of late payment to the vendor. David Lough's book is filled with detail about Churchill's spending on houses, drink and cigars, and gambling. He gambled in casinos and in the stock market. He also tended to lose more than he won. Occasionally, when pressed for money, he would decree a period of budgeting, but the periods never seemed to last for very long or were effective. Churchill cobbled together an income by writing and government service and some inheritance.But what David Lough doesn't attempt to do is to psych analyse Winston Churchill through his handling of his finances. Most readers of the book are familiar enough with Churchill's "black dog" periods. Was his over-spending a reaction to the reappearances in his life of that "black dog"? Lough rather writes about Churchill's life equating where he was financially, politically, and socially in various points.I'd say that David Lough's book is not for someone looking for a general biography of Winston Churchill. The book is very heavy with facts and figures as well as dates and places. The last two things are common in a biography but Lough's book is special because he writes with emphasis on the first two. He includes at the beginning of each chapter a handy guide to Exchange rates and Inflation multiples which help the reader understand the worth of the money at the time. Also included is a fine set of illustrations of Churchill and the people important in his life. This is a detailed and well written book.

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