Me & My Money: Former First Minister of Northern Ireland Arlene Foster

Arlene Foster was leader of the Democratic Unionist Party from 2015-2021 and, at 39, became the youngest and first female Northern Ireland First Minister in 2016, a post she held until 2021.

She now sits in the House of Lords as Baroness Foster of Aghadrumsee.

The 54-year-old broadcaster, writer and political commentator first appeared on TV aged 17 when her school bus was bombed by the IRA. 

She became involved in politics while studying law at Queen’s University, Belfast, before becoming a solicitor. She lives in County Fermanagh with her husband Brian and their three children.

What did your parents teach you about money?

I’m one of four children, and my father John, who died 12 years ago, aged 81, was a full-time police constable with the Royal Ulster Constabulary as well as a part-time farmer.

My mum Georgina, now 91, was a housewife. But after an IRA attack on my father, who was shot and injured when I was eight, we had to leave our farm which hit us hard financially.

I didn’t feel poor, however, because my parents were always careful and never spent beyond their means. There was no such thing as buying on credit in our home growing up.

If something was needed, it would be saved for; though I always got enough pocket money for my favourite gammon-flavoured crisps.

Have you ever struggled to make ends meet?

Not really, but while growing up I never had the money to spend on things like designer brands which are so common now. If I wanted something, like a bicycle, I usually had to wait for a birthday or Christmas or save up.

I wasn’t great with money at university and sometimes went to my father for a ‘top-up’, but I also worked in a supermarket at the weekend to supplement my student grant.

Have you ever been paid silly money?

It’s only three years since I stepped down as a politician in Northern Ireland, and that job certainly didn’t pay silly money.

Being a peer in the House of Lords and doing a bit of TV presenting and commentating, as I’m now doing, isn’t going to make me madly rich either. Not that I’m complaining.

For those of us who live outside London, I think the current daily Lords attendance rate of £361 is fair, since we have to cover our subsistence and accommodation.

What was the best year of your financial life?

I hope it is yet to come! No seriously, as First Minister of Northern Ireland I was paid well, but it was a demanding job.

And while MPs get a very good salary [£91,346], it’s not huge, and though it’s not a popular thing to say, I think there’s a case to be made for raising MPs’ pay if we want to attract the best people to Parliament, given all that goes with the job.

What’s the most expensive thing you’ve bought for fun?

A stylish £300 Tommy Hilfiger handbag that caught my eye. I do like a nice handbag – which suits me – for my make-up, mobile phone and other bits and pieces.

I used to marvel at the late Queen and her ever-present Launer handbag. When she was Prime Minister, Lady Thatcher always carried a Launer handbag, too – her secret weapon, perhaps?

What is your biggest money mistake?

Splashing out on a pair of £80 navy shoes that I spotted online a couple of years ago. Sadly, the shoes that were delivered to my house looked nothing like those in the website photographs.

I learnt my lesson though, and while I appreciate the convenience of online shopping, I prefer to try on an outfit or a pair of shoes in a shop before I buy.

Thankfully, my nearest town, Enniskillen, has a really good High Street.

Best money decision you have made?

Buying the Hobbs and L. K.Bennett trouser suits, costing about £300, that I wore as First Minister and still wear. I usually opt for red because of my dark hair. As a woman in politics, you’re judged on these things but are quite restricted as to what you can wear. It’s a bit unfair because no one really cares what kind of suit a male politician wears.

Do you have a pension?

Yes, I have a pension from the Northern Ireland Assembly which I can access when I reach 65, God willing. I also pay into a private pension.

I’ve no plans to retire for the foreseeable future, despite my mother, bless her, telling everyone I was ‘retiring’ when I stepped down from politics aged 51. Thanks, Mum!

Do you own any property?

A five-bedroom 1970s bungalow in Northern Ireland which I own jointly with my husband. I love flowers and we have a nice garden although sadly I’m not blessed with green fingers.

If you were Chancellor what would you do?

The first thing I would do is cut the UK rate of corporation tax to encourage prosperity.

The Republic of Ireland’s low corporation tax has attracted multinational companies and drives a lot of its economic growth. I wanted to be able to set Northern Ireland’s corporate tax when I was First Minister, and I still think that should be looked at.

What do I think of Rachel Reeves so far? I do worry about the impact of the recent above-inflation public sector pay rises.

What is your number one financial priority?

To remain financially secure, and help provide for my children in the years ahead, though that doesn’t drive me to want ‘more, more, more’.

My youngest child is still at school, and another is at university, but within a few years I hope that they’ll all be able to financially stand on their own feet.

Baroness Foster is chair of the togetherukfoundation.com, which ‘focuses on the positivity of the Union’, and Chair of Intertrade UK. 

To hear her ‘Reflections’ interview on Radio 4 visit bbc.co.uk/sounds.