No More Champagne: Churchill and His Money

by David Lough

The untold story of Winston Churchill’s precarious finances and the most original and surprising book about Churchill to emerge for many years.

The popular image of Winston Churchill, grandson of a Duke, amply dressed, drinking champagne and smoking a cigar, conjures up a man of substance, if not wealth. The reality is that Britain’s most famous twentieth-century figure lived for most of his life on a financial cliff-edge. Only fragments of information about his finances, or their impact on his public life, have ever previously emerged.

David Lough pieces the fascinating story together, with the help of unprecedented access to Churchill’s most private records, to create the first fully researched, lifetime narrative of Churchill’s private finances and business affairs. As the author unveils 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 public figure become clear.

Genres: Biography, History, Nonfiction, World War II, Politics, Economics, Money

480 pages, ebook

First published September 10, 2015

Reviews

[James Hickel · Rating 4 out of 5]

Is it possible for a book to be tedious and interesting at the same time? That's my reaction to No More Champagne.

Tedious, in that the author goes into Winston Churchill's finances in excruciating detail. There doesn't seem to be a single receipt or bank statement in Churchill's entire life that the author doesn't examine and analyze for us. And he takes great pains to be impassive and factual -- which is always difficult in a non-textbook.

But interesting, because it is so intriguing to see how messed up, and even borderline corrupt, Churchill's financial life was. Not that he's different from anyone else: How many of us would appreciate seeing a book written about how we handle our finances?

In addition to the well-publicized findings that Churchill consistently spent more than he made, and that his notorious deep depressions seemed to coincide with his biggest financial woes, there were many specific details that really surprised me.

For example: Despite the title of the book, incredible amounts of champagne were consumed in the Churchill residence. During April and May of 1949, Churchill's staff recorded the consumption of 454 bottles of champagne -- plus 311 bottles of wine, 58 bottles of brandy, 56 bottles of whisky, 58 bottles of sherry and 69 bottles of port. (Page 357, with a photograph of the actual inventory toward the back of the book.)

And here's one that really shocked me: When Churchill's friends approached him about setting up a Winston Churchill 80th Birthday Presentation Fund, this was Churchill's reaction (page 378):

"If it's for me so that I can do what I want with it, I would like it very much. But I don't want them to raise a sum for charity just to bring home some colored gentleman from Jamaica to complete his education. I'd rather they did nothing."

David Lough's dry and impassive tone throughout the book probably kept it from being the big hit that it could have been. Had he expressed more outrage about Churchill's alcohol consumption, and his scandalous use of his political power, family connections, and influence to elicit monetary gifts from rich people to keep himself out of financial trouble -- in other words, if he had gone "tabloid" -- Lough might have had a huge best seller on his hands.

[Steve Peifer · Rating 4 out of 5]

If you believe like I do that it was Churchill who saved civilization, and if you are Iike me and have read numerous biographies and autobiographies of him, nothing can quite prepare you for the fresh look this book offers of him. Born to a certain level of privilege, it never seemed to occur to him that living below his means might take some pressure off. He spent (no pun intended) his entire adult life at the edge of economic disaster. He spent every nickel he ever made and had to depend on the kindness of strangers to bail him out many many times. His irresponsibility with money could had led to so many dire consequences for the world.

At one point, he inherited a fortune, and instead of paying off his debts, he increased his debt to try to get rich quick, which never seems to work. Pay off debt if you get the chance; Churchill didn't and all his famous bouts with depression coincided with his lowest economic days. Fascinating.

[Leif Krarup · Rating 3 out of 5]

Meget detaljeret, måske også for meget pernittengryn. Men tankevækkende og anderledes vinkel på en stor politisk leder.

[Joe Hilley · Rating 5 out of 5]

This is a financial history of Winston Churchill. I was attracted to the book because of its interesting take on Churchill's life. It is much easier to read than many of the other Churchill biographies and far more informative of his personality.

[Liam Ostermann · Rating 4 out of 5]

A fascinating book and, although Mr. Lough doesn't think so, for those of us who don't regard Winston Churchill has the greatest thing since sliced bread there is plenty here to confirm that he was rather typical man of his time and class. He was born with a silver spoon in his mouth and, once had the opportunity, substituted the silver spoon for a gold one and kept it thrust deep in his craw whether he could afford it or not. Most of the time he could barely afford a A Sheffield plate spoon but as far as Churchill was concerned he was born to eat foie gras to the sound of trumpets and there was no need to worry about payment because there was not an overdraft in existence which he would not ignore.

Any politician today who attempted to have his friends grub for money on his behalf or took loans from rich men, never mind shamelessly bullying civil servants to reduce his tax liabilities would be exposed and ruined. Churchill had the benefit that his lies, distritions and exaggerations were protected from scrutiny by subservient press (mostly owned by his friends) and a ridiculously long lasting habit fore locking tugging by English people who were always happy to be kept in their place by their betters as long as there was some below them to patronise.

I don't think Churchill was a great man and in that I follow the thinking of most of the UK's Celtic people. Churchill of course returned our disdain many times over. He disliked us, Indians and 'darkies' of all sorts, most Europeans unless they were efficient servants and as for Americans? Well unless they were scions of the great WASP families or clever Jewish financiers they didn't exist because they didn't fit into the myth of the great shared 'Anglo Union' he believed exited between the USA and the UK.

Churchill's beady eyed concentration on acquiring money was life long and he was happy to do anything to acquire it to support a lifestyle that was ridiculously over the top. There was a reason he looked like a petulant baby seeking the next tit to suck on, because he was.

The book is fascinating and if you love Churchill it won't change your mind. If like sensible people you think Churchill vastly over rated this book will, unintentionally, provide confirmation.

[Joseph · Rating 5 out of 5]

One of my favorite subjects of 20th century history, this book takes an intimate look at the personal finances of Winston Churchill over his lifetime. Going into this book, I had no idea that a world leader like Churchill could be so careless in the realm of personal finance. He borrowed money, gambled on stocks, in casinos and bet on horse races. Overall this book was a real eye opener and deserves a place in the historiography of WW2 and a place on every history buff's bookshelf.

[Jill Meyer · Rating 5 out of 5]

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.

[Andrew Whiffin · Rating 5 out of 5]

Not an historian myself, I found this a fascinating read - and found it extraordinary that such a revealing aspect of Churchill's character had not been properly researched before. Lough, being a trained historian, as well as having had a career in financial management, is able to offer a wonderfully assured explanation of both the complex financial instruments involved and the political and historical context, and does so with admirable lucidity. He also resists the temptation to make moral judgements of his subject (bar the occasional wry aside), but sets out in a very stimulating epilogue the grounds upon which anyone else might wish to do so.

Meticulous, detailed, and beautifully set out, this is a very significant achievement.

[Philip Girvan · Rating 4 out of 5]

Lough does an outstanding job using Churchill's letters, bills, and other writings to reveal the recklessness with which he conducted his financial affairs and how money worries dominated his thinking throughout his life.

The Churchill texts are supported by letters from collaborators, creditors, financiers, publishers, family members, and others that make crystal clear the precariousness of Churchill's financial position.

An engrossing read that reveals much about the character of one of the 20th century's most significant historical characters and certainly one of its biggest personalities.

[Bailee · Rating 5 out of 5]

Not an introductory biography but I think a really interesting look at Churchill’s life for us amateur scholars through the lens of his chaotic finances and how so many decisions, actions, accomplishments, etc. were influenced by financial pressures. Churchill was many things, among those a spendthrift and profligate gambler reared in an age where aristocratic extravagance was met firmly by the financial constraints of the modern world. Besides having one of the funniest book titles ever, this book humanizes Churchill and provides a recharged insight around a number of the conventional milestones in an otherwise mythologized and widely chronicled life.

[Ange · Rating 3 out of 5]

An eye-opening account of Winston Churchill's finances; it accomplishes the strange task of being mind numbingly boring and utterly shocking and infuriating all at the same time. I started it off with a bang but ultimately became bogged down in the excruciating detail of Winnie's stocks, trusts, gambling, racehorses, not to mention his distaste for paying tax on his very substantial income (!). After I struggled to the end, I've come to the conclusion that it was a fascinating topic made much less fascinating by the lack of any real analysis of the factors that led Churchill to behave the way he did. I suspect it really needed an experienced biographer to work hand in hand with the author. What I found most illuminating, was Churchill's propensity to take on massive book and newspaper article writing jobs to cover the bills, and then farm out the writing and research to a team of people who were paid a tiny fraction of what Winston ultimately received. Far more concerning was the way he had wealthy friends bail him out of debt over and over. If and how any of this impacted on the way Churchill governed or on his policies is not discussed in any way. Now that would be an interesting read.

[Thomas Womack · Rating 4 out of 5]

A tale of how easy it was for a man with a reputation and an inheritance held in trust to bully the banks and even the Inland Revenue. Something of an asymmetric account, because you never got a terribly good idea of what the people who bailed Churchill out expected to get for it; maybe it is long enough ago that the feeling of having helped out the great politician of the age was reward enough, but I would have liked to see the figures for equivalent deals with other people so you knew whether paying tens of thousands of dollars for the film rights to a biography of a military hero of 150 years earlier was unprecedented.

It would have been clearer if an early chapter pointed out that capital gains were untaxed in Britain until 1962, to explain why Churchill's major strategy for tax reduction was to declare everything to be transfers of capital (and, later, to challenge the tax authorities to cause his case to be judged by a jury who would be likely to be sympathetic to him because Churchill).

[Alex · Rating 5 out of 5]

David Lough uses his background in the financial world to sketch a fascinating portrait of one of the few remaining areas of Churchill's life that have avoided in-depth treatment. In a life as varied as Churchill's, one of the few constants was his love of luxury and addiction to debt, borrowing and gambling (in both stocks and casinos). The bailouts required of wealthy benefactors, the poor financial decisions and squandered windfalls, is a side of the great statesman that has not previously received full attention. Lough's book in no way alters Churchill's great legacy- it simply sheds light on some very human failings. A wonderful read for anyone who can't get enough of one of the 20th century's greatest figures.

[Dave Munroe · Rating 4 out of 5]

This book appeals to a specific audience that's either 1) interested in finance, or 2) interested in Churchill. If you're a more general historian, it would likely come off quite dry, but being a member of both the finance and Churchill fan clubs, I found this fascinating, as it adds a huge amount of depth to the Churchill story, and David Lough has done painstaking research to put this together.

[Ronald J. · Rating 3 out of 5]

After even a cursory reading of this book, you’ll understand why Winston Churchill said in 1898, “The only thing that worries me in life is – money,” he told Jack. “Extravagant tastes, an expensive style of living – small and diminished resources – these are fertile sources of trouble.”
“His finances troubled him throughout his life," most of which were his own fault—extravagant spending on clothing, liquor, cigars, horses, and especially gambling. He seemed to be able to always get out of it through writing books, journalism, and in his later years, selling movie rights and even his paintings, not to mention generosity from family and friends. As the author states, “many biographers have covered almost every imaginable angle of his life, none has tackled the story of his finances.” This book does so in excruciating detail. Some of it is interesting, but even I as a recovering CPA found it overwhelming. I’ll give the author his due: he did his homework. Some of the tax controversies that Churchill got involved in were interesting, not surprising given the confiscatory rates he faced—as high as 97 percent! There’s a handy pound to dollar conversion at the beginning of each chapter so you can convert everything into today’s dollars. There are many other details that I was not aware of, such as:

He inherited his great-grandmother’s Irish Estate. “Churchill consumed the entire inheritance within a decade – by underestimating the cost of converting his new country home at Chartwell, by gambling more than he ever let on and by losing heavily in the Wall Street Crash of 1929, an episode curiously omitted from his official biography.”

“[During the] 1930s, when he was a married man in his fifties with four dependent children and already borrowing today’s equivalent of more than £2.5 million ($3.75 million). Yet, during the decade, he gambled heavily enough on his holidays to lose an average of £40,000 each year in today’s money.”

“Churchill’s losses in the Wall Street Crash of 1929 – $75,000 – should use the chapter’s exchange rate (also $5 = £1) to convert the sum to £15,000: then multiply by the chapter’s UK inflation factor (x 50) to reach £750,000 as the modern equivalent.”

[He spent an] "average of £1,160 with the family’s wine merchants each year between 1908 and 1914; His cigar suppliers, J. Grunebaum & Sons, smoking about a dozen cigars a day, costing more than £13 a month, but he had not paid one of Grunebaum’s bills for five years."

“Early in September the Churchills reached America, to San Francisco, where they stayed with the banker William H. Crocker. Next they moved on to William Randolph Hearst’s mansion and ranch at San Simeon, time he arrived back in New York on Wednesday 23 October storm clouds were gathering as traders followed the tortuous passage of the Smoot–Hawley Tariff bill through Congress: the price of two of Churchill’s shareholdings had already fallen appreciably.”

During this visit to New York Churchill was hit by a car, but recovered. Interesting what-if question if he hadn’t survived? I also didn’t know that Churchill’s daughter Sarah had been arrested on charges of drunkenness in California after the break-up of her second marriage, or that he vacationed multiple times on Aristotle Onassis’s yacht. He passed away January 24, 1965, and was laid to rest in Bladon churchyard, just outside the walls of Blenheim Palace (which is a spectacular residence to visit). Rather than stay at Chartwell (the Churchill’s residence), his wife Clementine chose to hand over the house to the National Trust straight after her husband’s death. Another excellent site to see if you are in London.

Overall, I enjoyed skimming this book. I wish it had been shorter because there’s just far too much extraneous detail that becomes mind-numbing very quickly. Though I do applaud the author for his contribution to history.

[Dave Reads · Rating 4 out of 5]

So much has been written about Winston Churchill that one might think that there is not much to learn about the legendary British figure. But in “No More Champagne: Churchill and His Money,” author David Lough focuses on his finances. Despite his brilliance at leading a nation and gaining worldwide respect, we learn that Churchill was broke and in debt most of his life.

"The only thing that worries me in life is money.’- Winston Churchill, 1898

Because of his many talents, Churchill was always able to recover. He would spend like a wealthy man and go into debt. He would write a book, newspaper article, paint or borrow money and get out of debt. The cycle would go on until the end of his life.

He spent wildly on drink, cigars, and gambling. His gambling happened in two ways. He loved the casinos and trying to strike it rich in the stock market.

"Churchill’s habits were fascinating, particularly how he juggled them around his governmental duties. Not only is it unlikely for a politician of this day to get away with these behaviors, but perhaps he enjoyed living on the edge. A common thread of exceptional risk-taking unites Churchill’s financial dealings and his political career. This was never more clearly on display than in the 1930s, when he was a married man in his fifties with four dependent children and already borrowing today’s equivalent of more than £2.5 million ($3.75 million). Yet, during the decade, he gambled heavily enough on his holidays to lose an average of £40,000 each year in today’s money." – David Lough

"The truth is that we will never know whether Churchill’s addiction to risk was a matter of personality or state of mind; by today’s standards of diagnosis, a psychiatrist would require a long, first-hand conversation with his subject before reaching a conclusion – and sadly Churchill is not available. Whatever the driving force behind the risks he took, Churchill left behind him a trail of financial failures that required numerous rescues by family, friends and acquaintances." – David Lough

While this book is not for someone looking for their first biography of Churchill, it does share a glimpse of the private man that is frequently ignored in other books.

[Javier HG · Rating 5 out of 5]

Winston Churchill fue una figura capital de la primera mitad del siglo XX: aventurero, periodista, político..., protagonista tanto en la Primera como en la Segunda Guerra Mundial, y una de las principales razones por las que la Alemania Nazi no conquistó Europa.

También era un maníaco depresivo y un manirroto.

Porque lo interesante de "No more champagne" es que descrube una parte totalmente desconocida de Winston Churchill: que era un auténtico desastre con las finanzas, que gastaba a manos llenas y que no se podía controlar (más de un@ podría decir con base en su comportamiento que era un ludópata). Y eso a pesar de ganar enormes cantidades de dinero gracias a sus artículos y libros (y cierta caradura por su parte, ya que llegó a tener facturas sin pagar durante varios años).

Escrito por David Lough, un antiguo gestor financiero que tuvo acceso a los papeles personales del político británico, "No more champagne" narra muy bien la vida de Churchill desde sus antepasados (sus abuelos y padres también gastaban sin ton ni son) hasta sus últimos días, explicando bien el contexto político y social. Ees muy útil que Lough facilita unos múltiplos con los que podemos convertir la libras de hace un siglo a niveles actuales, para darnos cuenta de hasta que punto Churchill perdía el control de sus finanzas.

A much@s sorprenderá esta biografía y conocer que, al mismo tiempo que la Segunda Guerra Mundial estaba en su máximo apogeo y su desenlace no estaba para nada asegurado (1941), Churchill dedicaba parte de su tiempo de Primer Ministro en consultar con sus asesores fiscales cómo pagar menos impuestos (el tipo marginal durante la guerra era del 97%) ya que, literalmente, no tenía dinero para pagarlos.

Un libro interesante que demuestra que no existen los ídolos y que todos los seres humanos son contradictorios por naturaleza.

[Donovan Martin · Rating 5 out of 5]

This book is unlike anything I've ever read. Lough takes one of the most remarkable men in modern history and writes a history revolving around Churchill's financial life.
Historical currents flow throughout the book and keep anyone with a mind for history engaged, but Lough unpacks the unnerving way Churchill plowed through his resources.
It is easy to judge WSC by modern standards of stewardship and practices, and even, as Lough underscores in the epilogue, by practices of his own day, but WSC kept his head above water and in most cases, out of legal trouble, by hard work, to overcome bad financial decisions. His mind was always working.
It is hard to review a book on WSC without pulling other writings into the fray so I'll keep this review short, albeit a bit rambling.
Lough's research on finances is remarkable and his ability to digest it and then to put the facts into a history that is compelling is worth the time it will take to read this book.
What I find most compelling about Lough's research is the help it gives in understanding a truly complex individual. People in WSC's day didn't really know how to handle him. This book seems to indicate that he didn't know how to handle himself. Nor did he seem to try. I didn't do the math but it seems that he could have been in much less financial trouble had he stayed clear of gambling. Yet he didn't know how to control that side of his life.
But he continued to press on.
Some have said that WSC was the perfect man for the situation in WWII and that can't be argued against. Yet WSC wasn't perfect. But he never gave up. He fought.
I recommend this book for those of us who struggle in life. No one will look for my papers in special collection when I'm gone and my finances will probably always be in some state of disrepair, yet WSC, through the presentation of David Lough, encourages me to press forward.

[Joe Oaster · Rating 5 out of 5]

I have read many books on Churchill and new he had money issues for a while but this book dove into Mr. Churchill's finances deeply. I did though find myself looking at the beginning of each chapter for exchange rates and inflation factors to help me understand the numbers in more relevant terms for me. That was very helpful having those numbers in. One thing that really bothered me was the British tax system. He had significant debts because of high taxation. Churchill worked very hard his whole life and thankfully and rightfully he ended his life a wealthy man. For a man to give so much to his country and then the same country want to take so much away in the form of taxes is sad.
Great book

[David Walley · Rating 1 out of 5]

I was really disappointed in this book. Not the writing style or knowledge, but by the fact that I expected WSC to have more personal honour. To leave bills unpaid until the producer threatened legal action is despicable. To have the idea that a bill can be settled by taking on more debt is terrible, all the more so by the Chancellor of the Exchequer in the UK. He constantly spent more than he earned, as did his wife and his son. Also his mother was no help giving him no direction a s a youth to learn how to be responsible with money. Altogether a very depressing read about a man constantly avoiding taxes by loopholes garnished by clever lawyers. A man I truly have held in very high esteem, but perhaps now a little less so...

[Kevin Hollins · Rating 4 out of 5]

"No More Champagne" was clearly the result of exceptional and highly detailed research (there are over 80 pages of references in the paperback in very small type). There is so much detail, in fact, that at times it can seem a bit overwhelming. For a Churchill buff, though, this work adds a personal dimension that you will not find anywhere else. For someone interested in rounding out their knowledge it is a worthwhile investment.

[David · Rating 4 out of 5]

One of the funniest biographies I've ever read, even if the author showed great restraint in how he presented the Churchill family at their most feckless. The story of Chartwell's renovation was especially amusing.

[Andrew Kosztyo · Rating 4 out of 5]

We all have our Achilles Heels. Winston Churchill - a former Chancellor of the Exchequer of the British Empire - was completely incapable of managing his own money; a revelation which this book presents in compelling and excruciating detail. Perhaps the rich AREN’T so different.

[Joanne · Rating 4 out of 5]

Engrossing. How could such a brilliant man be so bad with money? The gambling, the waste...such a risk taker. Maybe that's why he was such a successful politician. Sometimes a bit too much detail, but that was the point!

[Pat Carson · Rating 3 out of 5]

The rich and/or well connected do live differently from the rest of the world.

[Ryan · Rating 5 out of 5]

This was as rivetting and page-turning as any novel I've ever read.

[Jeanmarie · Rating 4 out of 5]

As if you were sitting next to a very interesting accountant in a private club in London.

[Bracken White · Rating 4 out of 5]

A good story about how not to manage one’s finances.

[Steve Misner · Rating 3 out of 5]

Interesting book - albeit a little dry. I would read a couple of other WC bios before tackling this.

[Benji · Rating 3 out of 5]

While Churchill was laid to rest in Bladon churchyard, Madame Odette Pol-Roger in France instructed that a black band of mourning be placed around the label of her family's champagne.