Brendan Bracken was an extraordinary individual who in his distinct, curious way made an indelible mark on the 20th century and beyond. Not only was he the founding editor of The Banker in 1926, marking the start of an illustrious publishing career that included chairmanship of the Financial Times from 1945-1958, but as a loyal confidant of Winston Churchill he had a remarkable political career, too.
This included being minister of information during the Second World War, becoming First Lord of the Admiralty in 1945 and then Viscount Bracken in 1952.
Born in Templemore in Ireland in 1901, Bracken was a wild youngster, who was sent to Australia where he worked on a sheep station. On returning he moved to England and ingratiated himself into the British establishment, running Churchill’s unsuccessful 1923 election campaign and moving into journalism.
The FT noted in its own centenary history that Bracken took over the editorship of the Illustrated Review, soon renamed English Life: “Over the next three years, Bracken ran the magazine with great verve and gusto (though at a loss) until it was sold in 1926; founded The Banker after discovering that banking was the only trade or profession without its own specialist organ, and was elected to the Eyre & Spottiswoode board.”
In the following years the man described as of “unusual appearance, red carrot hair, white skin and bad teeth” was far from idle. The success of The Banker provided the starting point for the formation of a group two years later that included the Financial News, the Investors Chronicle and a half interest in The Economist, which reached out in 1945 to embrace the Financial Times and to merge the two dailies under that banner.
In the meantime, while continuing to edit The Banker (until 1937), he entered parliament in 1929 as Conservative MP for North Paddington, London saying he was a native of Bedfordshire. Bracken remained Churchill’s only consistent supporter, prompting prime minister Stanley Baldwin to describe Bracken as Churchill’s faithful chela, a Hindustani word for disciple. A strong opponent of appeasement, Bracken followed Churchill into his 1940 war government as minister of information.
Charles Lysaght, Bracken’s biographer, refers to prime minister Harold Macmillan’s views on Bracken. “Brendan had held Churchill’s arms high when he was in the wilderness in the 1930s and the country owed him a very great debt on that account.”
He recalled Bracken’s unique position in Churchill’s life, how he would contradict Churchill during the War when nobody else would dare and the quarrels that ensured: “It was rather like a quarrel between a happily married couple,” he remarked. “Most of us are pretty ordinary,” he went on, “but Brendan, he was different.” He spoke of how, from humble beginnings, Bracken had set out to improve himself and had pulled himself up by his own efforts.”
Also described by Macmillan as “a strange and lovable character”, Bracken was certainly different. But despite his somewhat mysterious past, this relatively little-known figure has left a remarkably strong imprint on Britain’s journalistic and political landscape.
Although resigning from the House of Commons and cutting short his own political career in 1952, Bracken’s role as Churchill’s stalwart supporter was critically important for the country and, while he died relatively young in 1958, his vision for The Banker and the Financial Times group produced a legacy that has helped shape modern financial journalism into the 21st century – an important achievement.
