Tax mediocre music – it’s noise pollution
What did your parents teach you about money?
THAT money tends to follow great ideas. My parents were not focused on making money. My father wrote plays and my mother, Yvette Harris, was an actress.
They encouraged me not to be money-oriented, but to be creative and ambitious. To them, money was not the most important thing in life. They were more spenders than savers.
Was money tight when you were growing up?
THERE were periods when it was and I lived a hand-to-mouth existence. Given my parents were artists, they could not always predict where their next pay cheque was coming from. I was never really hard up though. I had a large extended family who would always help if things got really bad.
How much pocket money did you get as a child?
NONE. My parents spent that mone y o n my education instead. They paid for me to have music lessons, and bought me my first saxophone when I was nine years old. I had tried playing one at a music workshop and from that point on, I pestered my dad to buy one for me.
It cost £700, which was a lot of money in 1987, the equivalent of about £1,800 today. My father had to save up to afford it, but he saw how keen I was and invested in my love for music.
He also made sure I did not waste his money. I remember, during the first couple of years, he threatened to sell my saxophone because I was not practising enough.
I was aware I had to take it seriously, that it had not been a frivolous expenditure for him. That made me more determined.
What was the first paid work you ever did?
BUSKING, to earn a few extra shekels when I was a student at Oxford University.
I could make £ 300 in a weekend, playing a mixture of music that I had composed, along with pop songs or Christmas carols.
That was a lifeline for me at the time. It also taught me there is a commercial side to music and so I learned not to be too self-indulgent as a musician.
Have you ever struggled to make ends meet?
YES. The worst time was in 2007 when I left my record label after a disagreement. I was forced to regroup and it was difficult for about a year.
It was not just about not having money – I am quite used to that. It was not having a support network around me. That support is what gives musicians the confidence and the courage to be ambitious. Luckily, within six months I realised things could be more lucrative if I took more control of my career.
Have you ever been paid silly money for a job?
YES, when I did a TV show a few years ago called By Royal Appointment with Goldie and Ms Dynamite. We mentored young musicians for a performance at Buckingham Palace. I took part in 20 days of filming and was paid more than £10,000.
What was the best year of your life in terms of the money you made?
I THINK it is still to come. I am by no means ready to retire yet. Last year was better than in previous years though, partly because I am now presenting regularly on BBC Radio 3.
What is the most expensive item you have ever bought just for fun?
IT WAS a brand new white Audi Q3. It was worth about £30,000. I leased it so I did not have to pay that much up- front and handed it back after two years. It was an expensive decision, but I do not regret it. It was comfortable and fun to drive.
What is the best money decision you have made?
BUYING t he Birmingham council flat I lived in for £20,000 in 2004. I exercised my right to buy and got a 60 per cent discount even though I do not completely agree with the right-to-buy principle from an ethical perspective.
It meant that when I was struggling in 2007 I did not have any rent to pay so I was financially secure. I sold it for nearly £70,000 11 years later and am planning to put that money down as a deposit on my next home.
Do you save into a pension or invest in the stock market?
NO, I do not. Stock market speculation is not my bag. I see it as a less stigmatised form of gambling where people get sunk by their own ambitions. I am self-employed so I do not have an employer who will contribute to my pension. I think royalties from the work that I do will provide me with a more reliable income in retirement anyway.
Do you own any property? perty?
NOT at the moment. It is almost impossible for someone who is self-employed to get a mortgage nowadays and I have struggled. I am finally in the process of buying a £160,000 three-bedroom house near my family in Handsworth, Birmingham. It will be my home.
I have an ethical problem with people who buy homes as investments, especially those who own three or more properties.
I think they are choking the ability of first-time buyers to get on the housing ladder and are partly responsible for the country’ s homelessness crisis.
There has been a lot of talk about austerity and people having to tighten t heir purse strings since the 2008 credit crunch. But anyone who had property before 2008 has seen their wealth go up. They have all got richer. I think that is one of the reasons why people voted the way they did in the General Election.
What is the one little luxury you like to treat yourself to?
IT HAS to be a big breakfast after a big gig. I will wake up that little bit later and treat myself to veggie sausages, beans and loads of hash browns.
If you were Chancellor of the Exchequer, what is the first thing you would do?
INTRODUCE a tax on all forms of mediocre music. Playing it would be subject to spot fines and anyone who promoted mediocre music would have to pay an increased tariff. I would categorise it as noise pollution and bill them accordingly.
What is your number one financial priority?
TO make enough money to be able to transform the way jazz is perceived in this country. I think jazz should be grounded in community and the here and now, not imprisoned in the past in a posh ivory tower.