Lord Michael Heseltine, a prominent Tory politician, splurged on a £4,000 golf buggy to navigate his expansive 70-acre garden with ease. Living in the picturesque Thenford House in Northamptonshire with his wife Anne, Lord Heseltine, who recently turned 90, is the owner of Haymarket Publishing. Reflecting on life lessons, he emphasizes the importance of identifying problems and locating the person responsible. Enjoying life and making the most of his remaining time are among his top priorities.
Born into a modest middle-class family in Swansea, Lord Heseltine’s parents instilled in him the values of prudence and carefulness when it comes to money. His father worked as a director in a publicly quoted engineering company, while his mother belonged to the generation of stay-at-home mothers. The family resided in a house in Sketty on Gower Road.
Lord Heseltine recalls a moment when his father worriedly looked at one of his school bills during his time at the independent Shrewsbury school. Saving money was not an easy feat within their budget.
However, Lord Heseltine faced financial struggles of his own when he established Haymarket, a publishing business, in 1957. In 1962, he made a disastrous decision to acquire a magazine called Topic, aiming to rival Time and Newsweek. Despite achieving editorial excellence, the advertising aspect never took off, leading to significant financial difficulties. The weight of unpaid bills placed him in a position of financial uncertainty.
When asked if he ever received exorbitant payments, Lord Heseltine believes there’s no such thing as “silly money.” He considers 1997 as the best year of his financial life, as it was the year the Tories lost the election. Returning to his publishing company, he discovered the potential of his struggling American business. By recruiting the right individuals and refusing to sell, he transformed the business, which now accounts for 50% of his publishing company, Haymarket Media Group.
Recalling his most expensive fun purchase, Lord Heseltine reveals his golf buggy, which he bought in 1992 for £4,000. Following a heart attack, the buggy became a necessary tool in his 70-acre garden. While he doesn’t contribute to a pension, considering Haymarket his pension itself, he does have a pension as an ex-Cabinet Minister. His investments primarily revolve around his understanding of the business world, preferring to invest in Haymarket.
In terms of property ownership, Lord Heseltine possesses a Grade I-listed Georgian house in Northamptonshire. Although unwilling to disclose the purchase price, he acknowledges that its current value far exceeds what he paid for it in 1976, attributing this apparent wealth to inflation.
When it comes to indulging, Lord Heseltine admits to having a weakness for jelly babies. Children and others often gift him these sweets, so their cost remains unknown to him.
If given the position of Chancellor, Lord Heseltine would enact a reduction in the number of local authorities from 300 to 60. Simultaneously, he would strengthen devolved authorities, introducing directly elected mayors for better economic performance. By fostering partnerships based on the unique strengths and opportunities of each region, the strategy could lead to local enthusiasm for urban and town regeneration.
As a philanthropist, Lord Heseltine has notably supported the Oxford Union, recognizing the institution as a stepping stone for young graduates interested in politics. Lastly, his main financial priority is the success of Haymarket, as the fortunes of his family are closely tied to the business. At 90 years old, he also hopes to fully enjoy the remaining years of his life and admits to feeling envious of the younger generation’s abundance of time.
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