'Economic Security was about much more than just the racing' - owners call it quits after 27 years with Paul Webber

Your partnership, Economic Security, has recently been wrapped up after nearly three decades - rewinding to the start, how did it emerge and who was involved?

Economic Security was formed in 1994, initially with just four members, but it soon evolved into a larger partnership of friends and friends of friends, averaging a dozen or so at any one time. Of the four founder members, two were economists (hence 'Economic') and two had professional connections with the then Department of Social Security (hence 'Security'). 

The irony was intentional. The founders suspected that 'Uneconomic Insecurity' would be a more apt description of the venture. And they were right!

Two of the founder members remained for more than a quarter of a century, namely myself, a senior civil servant who led the partnership throughout, and Sir David Metcalf, Emeritus Professor of Industrial Relations at the London School of Economics, who left only in 2021. 

How many horses have you owned, and did you keep a tally of winners and prize-money…?

Between 1994 and 2023, Economic Security owned 15 horses, all of them jumpers, and all but the first of them trained by Paul Webber near Banbury, Oxfordshire. The horses competed in 144 races. We had 15 winners and 25 placed. Together they earned £114,000 in prize-money.

By far the most successful was House Island, rated 143 at his peak. He won a Listed bumper at Newbury, an intermediate hurdle at Ludlow and a beginners’ chase, also at Ludlow – and he ran a more than respectable race in the Grade 1 Albert Bartlett Novices’ Hurdle at the Cheltenham Festival of 2020. 

There have inevitably been ups and downs over such a long period - tell us about some of the highs and lows…

The high spot was undoubtedly the visit to the Cheltenham Festival with House Island in 2020. It happened to be the day, shortly before the Covid lockdown, when Paul Webber had his first festival winner with Indefatigable in the Martin Pipe.

There had been another memorable day out the previous year, a first trip across the water, for the Grade 1 bumper at the Punchestown festival.

The low point came in 2021 when House Island was killed in a freak accident at home. 

It was also a great thrill when our first ever horse with Paul, Guilder, was a winner. He would have achieved the rare feat of winning four handicap chases in a row were it not for a young inexperienced jockey who tried to outdo AP McCoy. 

Lows inevitably focus on horses we have lost – Guilder, a lovely Deploy filly called Artisanne, the promising but unraced I’m No Trouble and, most of all, House Island. 

The actual racing aside, what would you say have been the most enjoyable aspects of owning horses?

Economic Security was about much more than just the racing. Enduring friendships were made, not least with our trainer, Paul, who we were with for 27 years. He was a partner himself and conspicuously generous in welcoming other partners to the yard.

The partnership held an annual dinner every year on the eve of the Cheltenham Festival, the highlight of which was a keenly contested tipping competition. 

How did you acquire your horses, privately, at the sales or through breeding?

Our horses were bought at the sales under the guidance of our trainer. The most expensive was House Island at £46,000. Paul liked the horse so much he went way beyond the budget he’d been given, and was relieved when the partners happily picked up the tab! 

Did you or your trainer favour any particular sires?

All 15 horses were by different sires. They included the likes of Groom Dancer, whose son Guilder won five races for us, notably three successive chases in 2000, Zaffaran, Flemensfirth, Mark Of Esteem, Darsi, and House Island’s sire Casamento. 

House Island: best horse to carry the Economic Security silksCredit: Getty Images

If there’s one horse, past or present, you could have picked to carry your silks, who would it be and why?

I’d look no further than House Island. He could have been anything had he lived.

Any racegoing or social plans around the festival next month, and any fancies?

Since the partnership has been disbanded, the annual pre-Cheltenham dinner will not take place this year, but there are plans for a major celebration later in the spring.

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