Mason, Geoffrey 255, 289, 290, 298, 300, 302, 313, 322
Master of Elibank 99, 100
Masterton-Smith, James 110
Maze, Paul 279, 436
McClure, Samuel 182
McGowan, Harry 186, 193
Mellon, Richard 182
Middle East 129, 132, 137, 139
mining 77, 93, 96, 114, 117, 126, 129
Mitford, Bertie (Lord Redesdale) 86
Moir, Anthony 299–300, 301, 323, 325, 328, 349, 353–4, 360, 361, 372, 377–8, 381–2, 385, 387, 388, 397, 403, 404, 405
Monckton, Walter 304, 436
Montague Browne, Anthony 383, 387, 388, 394, 395, 398, 400, 401, 402, 403, 405
Morocco, Agadir 98
Morton, Desmond 232
Mussolini, Benito 184, 238, 261, 277
National Trust 321, 329, 341, 406
Nelke, Paul 107, 185
Nelke Phillips 83, 85, 119, 185
Newnes, George 268, 303
newspaper stories
Marconi scandal 100
Nicholl, Manisty & Co. 84, 85, 88, 89, 91, 118, 122, 123, 125, 268, 299, 304, 309, 310, 313, 320, 351
Nonweiler, Eric 165, 166
Northcliffe, Lord 100, 114
oil 157, 159, 186, 187, 189
Oldhams Press 290, 354
O’Malley, Owen 176
Onassis, Aristotle 385, 393, 396
Oxford 18
Pakenham-Walsh, Ridley 216, 437
Palestine 128, 137
parents
expenditure 24, 27–28
friends of 2, 28, 29, 70
family life 24, 25
first meeting 11
income 24, 30
marriage 21–23
see also Churchill, Lord Randolph (father); Churchill, Jennie (mother)
Paris 15
home 25
Imperial Court 13
Payne, Randolph 105
Pearman, Violet 225, 226, 241, 250, 268, 290
Pearn, Nancy 215, 216, 327
Peat, Harold 260, 269
Peel, Sidney 87
Penman, Mary 273
pensions 93
Persia, Shah of 143
philanthropists 95
plutocrats 2, 70
Poland 125, 276, 280
police 96
Pond, J. B. 65
Porch, Montagu 135
Pownall, Henry 343, 362
prisons 96, 97
railways
Churchill’s travel on 83, 95, 116, 139, 182, 183, 184, 185, 188, 350
accidents 130
strikes 96, 168
Ramsden, Caryl
Randolph Payne & Sons 91, 108
Rawlinson, Henry 126, 437
Reprint Society 292
Revelstoke, Lord 94
Revesz, Dr Imre (Emery Reves) 252, 267, 274–5, 277–8, 282, 291, 317, 325, 326–7, 328, 333–5, 337–8, 339, 340, 348, 350, 352, 357, 359, 362, 363, 365, 371, 382, 384, 387, 389, 396
Reynaud, Paul 287
Reynolds, Paul 181
Richardson, James 185–6, 187
Riddell, George 149, 197, 215, 218, 223, 230
Roberts, Frederick 60
Robinson, Joseph 126
Rochester Daily American 12
Romania 108
Roosevelt, Franklin 221, 222, 297, 302, 325, 437
Rothschild, Alfred 38, 70
Rothschild, Nathaniel (‘Natty’) 28, 30, 35, 38, 58, 70, 93, 106, 437
Russia 120, 122, 124, 125, 128
Second World War 302
St Helier, Lady 50, 53, 87
Salisbury, Marquess of 27, 53, 437
Salisbury Hall 86, 87
Sassoon, Philip 149, 437
Schultz, Fred A. 187
Schwab, Charles 183, 185
Scribner III, Charles 161, 179, 184, 198, 204, 207, 215, 226, 243
Scrivier, Bob 82
Scrymgeour-Wedderburn, James (earl of Dundee) 177
Second World War 4–5, 9, 281–315
pre-war tensions 226–7, 238, 256, 260, 262, 265, 270–1, 276, 277, 279, 280
repercussions 348
and Winston Churchill’s strategy 195
servants 67, 68, 76, 98, 99, 100, 130, 133, 140, 250, 258
Bessie 133
Blenheim Palace 20
Charles Street 24
Everest, Mrs (nanny) 31
Scriving 82
cost of, general 120
Simpson, Wallace 246–8
Sinclair, Archibald 109, 111, 113, 115
Smith, Frederick (‘F. E.’) 100, 169, 226, 438
Smoot-Hawley Tariff bill 192
Soames, Christopher (son-in-law) 341, 357, 358, 369, 375, 389, 399, 400, 402
Southwood, Lord 290, 291, 319
Spears (ne Spiers), Edward 279, 438
Spencer, Charles (3rd duke of Marlborough) 19
Spencer, George (4th duke of Marlborough) 19–20
Spencer-Churchill, Charles (cousin, 9th duke of Marlborough) 53, 60, 64, 69, 75, 80, 84, 145, 146, 228–9
Spencer-Churchill, Frances (née Vane) (paternal grandmother) 30, 54, 68, 84
Spencer-Churchill, George (5th duke of Marlborough) 20
Spencer-Churchill, George (6th duke of Marlborough) 20
Spencer-Churchill, George (uncle, 8th duke of Marlborough) 26, 27
Spencer-Churchill, John W. (grandfather, 7th duke of Marlborough) 20, 21, 26
Spencer-Churchill, Lily (née Hammersley) (aunt) 27, 31, 37, 41
Spencer, Johnny (ancestor 1708–46) 19
spending cuts, government 173, 176, 206
Spier, Eugen 246
Stalin 312, 375
Steed, H. Wickham 127
stock markets 71, 106, 107, 119, 125, 205, 221, 223, 390
London 52, 82, 94, 106, 107, 120, 121, 271
possible manipulation of 155
Wall Street 82, 189, 191, 192–3, 217, 221, 257, 262
Strakosch, Henry 9 159, 235, 262–5, 275, 288, 310
strikes 96, 168, 173, 373
Sturdee, Jo 357
Swift, Jonathan 18
tariff reform 70, 71, 74, 159, 160
taxes 93, 94, 96, 120, 167, 173, 206
Taylor & Humbert 88, 89
Thomas, Cecil 277, 278
Thomas Nelson & Sons 108
Thompson, Reginald 266
Thornley, Mrs 76
Tilden, Philip 149, 150, 154, 160, 161–2, 166, 168, 174
TIME-LIFE magazine 319, 324–5, 326, 327, 334, 335–6, 338, 340, 342, 343, 345, 346, 351, 352, 355, 362, 363, 365, 367, 368, 370, 382, 385, 404
trade unions 206
Truman, Harry 325, 328, 342, 438
Turkey 108, 144
Twain, Mark 65
Tweedmouth, Lord (Edward Marjoribanks) (uncle) 85
Two Cities 306
unemployment 93, 159, 167
Unionists 7
USA 62, 64, 181–95
New York 13, 25, 26, 65, 182, 191, 192, 209, 328
Churchill, Lord and Lady Randolph (parents) 12, 25, 26
Jerome, Leonard (maternal grandfather) 13, 14, 15, 22, 25
Second World War 293, 302, 310
Van Antwerp, William 182, 188, 189, 190, 191, 192
Vanderbilt, Consuelo 64, 80
Vane, Frances (paternal great-grandmother) 80
Vane-Tempest, Herbert 80
Vane-Tempest-Steward, Charles 132
Vickers, Cecil 185, 191, 197, 199, 200, 201, 202, 212, 213, 214, 217, 222, 223, 237
Vickers da Costa 124, 141, 142, 157, 184, 185, 186, 197, 202, 205, 208, 213, 214, 221, 222, 223, 237, 258, 261, 262, 263, 264, 341, 350
Villiers, Barbara 16
Violon, Émile 67
Waddington, John 256
Wallace, William 150
Warrender, Hugh 37
War of the Spanish Succession 17, 18
Watt, A. P. 43, 55, 58, 61, 81, 177, 178
Waugh, Evelyn 300
Webb, Beatrice 89, 93
Webb, Sidney 93
welfare state 81, 93, 94
Wellesley, Gerald 123, 124
Wells, H. G. 81, 260
Wheater, Cornwallis-West & Co. 79, 85
White Russian movement 122, 124
wife see Hozier, Clementine
William III, King 16, 17
Williams, Stanley 221, 229, 238, 240
Wilson, Colonel Gordon 81
Winant, Roger 232
Wodehouse, H. 101, 105
Wood, Charles 243, 370, 375, 383, 386
Wood, Edward (Lord Irwin, Lord Halifax) 203, 260, 270, 272, 281, 286, 438
Wood, Evelyn 50
Wood, James 250, 372
Wood, Kingsley 294
Wood, Willey & Co. 250
Woodstock 18, 22
Young, George 274
About No More Champagne
The popular image of Winston Churchill – grandson of a duke, drinking champagne and smoking a cigar – conjures up a man of wealth and substance. The reality is that Britain’s most celebrated modern statesman lived for most of his life on a financial cliff-edge.
Only fragments of information about Churchill’s finances, or their impact on his public life, have previously emerged. With the help of unprecedented access to Churchill’s private records, David Lough has created the first fully researched narrative of Churchill’s private finances and business affairs. As he reveals the scale of Churchill’s financial risk-taking, combined with an ability to talk or write himself out of the tightest of corners, the links between the private man and the public figure become clear.
The most original – and surprising – book about Churchill to appear for many years, No More Champagne shines new and revelatory light on a twentieth-century British icon.
Reviews
‘This book brilliantly illuminates one of the few unexplored aspects of Winston Churchill’s life – his private finances. 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
‘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 20th-century leader’.
David Reynolds, author of In Command of History
‘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, Economics Editor, Channel 4 News
About David Lough
DAVID LOUGH studied history at Oxford under Richard Cobb, Michael Howard 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.
Follow him on Twitter: @dablough
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The story starts here.
First published in the UK in 2015 by Head of Zeus Ltd
Copyright © David Lough, 2015
Author photo: Martin Barraud
Cover design: Henry Yee
Cover image: Jacket image: Winston Churchill is seen with his wife Clementine Churchill at Leicester where he was adopted as Liberal candidate for the West Division November 1923 © Mirrorpix
The moral right of David Lough to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act of 1988.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of both the copyright owner and the above publisher of this book.
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A CIP catalogue record for this book is available from the British Library.
ISBN (HB) 9781784081812
ISBN (E) 9781784081805
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