Peter Egan is perhaps best known for playing smoothie Paul opposite Richard Briers and Penelope Wilton in the hit 1980s sitcom Ever Decreasing Circles, as well as for appearing in Downton Abbey. Yet his background is far more humble than that of his character in the historical drama, Hugh “Shrimpie” MacClare, Marquess of Flintshire.
Egan, 71, grew up in a London council flat, and says that as a result he “always wanted to own my own property”. After attending St George’s secondary modern in Maida Vale, west London, and studying at the Royal Academy of Dramatic Art (Rada), he realised that dream at the age of 24. His first big television role came in 1968, playing Seth Starkadder in Cold Comfort Farm, and he went on to play the title roles in the 1979 series Prince Regent and in John le Carré’s A Perfect Spy, in 1987. This year he starred in the BBC One sitcom Hold the Sunset, with John Cleese and Alison Steadman.
A passionate supporter of animal rights, he became a vegan a decade ago after watching the documentary Earthlings: “I vowed then and there never to eat meat again.” He is a vice-president of the RSPCA and an ambassador for Animals Asia, a charity that works to rescue bears from farms in China and Vietnam, where their bile is extracted for use in Chinese medicine.
Egan and his wife Myra Frances, a former actress, have one daughter, Rebecca, and live in Surrey with their five rescue dogs.
How much money do you have in your wallet?
Not a lot, perhaps £50. I use a credit card for most things these days.
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What credit cards do you use?
I have one Visa card — that way I can keep a very specific check on what I spend.
Are you a saver or a spender?
Both, though my spending these days is directed towards animal welfare. I live comfortably, and like to go out for the occasional vegan meal and have a nice holiday from time to time, but my biggest outgoings are probably related to the money I donate to the animal charities closest to my heart.
Do you own a property?
I was brought up in a council flat and shared a room with my brother until I was 17, so always wanted to own a property. As a result of finding my feet quickly as an actor, I was able to buy my first property at the age of 24: a terraced Georgian house in Islington, north London, which I bought with a partner.
A lot of people at the time thought I was crazy but it turned out to be one of the best things I ever did. Over the years I’ve traded up a few times, and my wife and I recently moved to a large detached 1920s house in Surrey. It has a big garden that backs on to a wood, which is ideal for walking our dogs.
Are you better off than your parents?
Undoubtedly. My parents were as poor as the proverbial church mice. My mother, Doris, was a charlady, and my Dublin-born dad, Michael, a painter and decorator, spent all his money in the pub. Most people think I’m a public schoolboy because I learnt to speak “proper” at Rada, but my family really did have nothing.
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I spent my first years in a house in Kilburn, northwest London, that was rented by my Irish grandmother. The entire clan, 13 people, were crammed into a house for four, and I shared a room with my mother, father, brother and sister until I was nine.
How much did you earn last year?
Enough to support my lifestyle and give to the charities I care about.
When did you first feel wealthy?
Probably after paying off my bank overdraft in the 1980s. I’ve never been the sort to splash out on something extravagant just for the hell of it.
Have you ever been really hard up?
I don’t want to sound poncey but having started my life with so little and enjoyed a pretty good living as an actor, money has never been that important to me.
That said, I went through a spell in my late twenties, in the mid 1970s, when I decided I wanted to do more modern and less period work — so I turned down a few roles. The offers then dried up and I faced a year of being unemployed; I really thought the game might be up. Thankfully, in due course, I landed a part in an ITV drama and things began looking up again.
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What was your first job?
I left school at 15 with no qualifications and got a job in a machine shop drilling and cutting steel. The pay was £4 10s for a 50-hour week. I hated it and was covered in oil by the end of the day. After three months I got the sack.
What has been your most lucrative work?
Situation comedy — light entertainment always pays better than drama. The most popular show I’ve appeared in was Ever Decreasing Circles, which at its peak was getting 18m viewers and was sold around the world. We were all on generous fixed-rate salaries but one of the spin-offs of being in a hit sitcom was that you got asked to do voiceovers. That proved very lucrative in the 1980s and 1990s. I did voiceovers for Braun shavers, Kenco coffee and even The Times.
Do you invest in shares?
I’ve got a portfolio but everything is ethically invested. I’ve not invested in anything that will destroy the planet. To be honest, though, I’m afraid I find the idea of watching the stock market all the time extremely boring.
What is best for retirement — property or pension?
Property. The most sensible thing you can do is invest in the property you’re living in, then trade down when you retire and realise the capital. Pension rates have dropped so much over the years that, to get an adequate income in retirement, you’ve either got to have a copper-bottomed pension or be able to put away an awful lot of money during your working lifetime.
What has been your best business decision?
Buying my first property, which got me on to the housing ladder. I bought the Islington house in 1969 for £15,000 and sold it two years later for a £3,000 profit.
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And your best investment?
I’m not being soggy — or saying it because Myra, my wife of 45 years, is in the room — but one’s best investment is surely in one’s partner. What better investment could one make than in someone who is supportive and sticks with you through thick and thin?
What about your worst investment?
I was persuaded to buy a new £12,000 Renault “speaking car” during my Ever Decreasing Circles days. It was one of those cars that tell you when you need to refill the petrol tank and seemed quite flash at the time, but as I was leaving the forecourt, the dealer joked: “You do realise your car has decreased 25%?” So I decided there and then I would never buy another new motor.
What is your money weakness?
I used to play poker a lot in my thirties but I hated to see friends seriously out of pocket when they lost during a high-stakes game, so I stopped playing.
What is your financial priority?
To not be frightened and to try to stay ahead of the game. I’ve designed my life to do a lot more animal welfare work, so I’d like to be in a position where I can devote myself to the causes I’m most passionate about now, in particular protecting the endangered bears of Asia.
What aspect of the tax system would you change?
I’m in favour of multinationals such as Facebook, Amazon and Starbucks paying more tax. If they’re making a fortune here in Britain, they should pay their taxes here in Britain. I also think the taxman could do more to close some of the loopholes that allow the super-rich to avoid paying their fair share.
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What would you do if you won the lottery jackpot?
I would donate a huge amount, everything I didn’t need, to charities such as Action Aid, Animals Asia and Saving Suffering Strays, in Sarajevo. Charities are vital in drawing our attention to the voiceless, be they children, those caught up in the slave trade or animals.
What is the most important lesson you have learnt about money?
It doesn’t necessarily make you happy.