Acclaimed inventor Dr John Taylor has admitted the secret of his success.

The successful island resident has also revealed he failed his school entrance exams before becoming an innovator of electric kettle technology.

Dr Taylor OBE, 82, is an entrepreneur whose inventions are found in practically every home in the British Isles.

His 400 patents for domestic appliances and electrical equipment have created more than 10,000 British jobs.

Dr Taylor, who lives at Arragon Moar, Santon, lifted the lid in a question and answer ‘Fame and Fortune’ article in the Sunday Telegraph.

Asked if his fortune has has made him famous he replied: ‘I’ve always hidden my light under a bushel.

‘In America, if you do well everybody’s pleased; in Britain, people are funny about discussing money.

‘If a supplier in the UK turns up in a Maserati, they think: ‘‘That bloke’s getting paid too much.’’ ’

Asked about his secret to success Dr Taylor said: Never make an invention to make money but to solve a problem.

‘Ensure it’s the highest quality using minimum materials and assembly. The market determines the price.’

Dr Taylor, who designed the Chronophage [or Corpus clock] that sits outside Corpus Christie College, Cambridge, told Sunday Telegraph readers that his best financial decision was never borrowing money.

Dr Taylor was born in Buxton,Derbyshire, in 1936. He said his grandfather taught him: ‘Never borrow money. Money to a bank is like an umbrella, they lend it to you if the sun is shining but if it rains they want it back.’

As a youngster he was a boarder at King William’s College, but Dr Taylor admitted he failed his 11-Plus, his 13-Plus and common entrance exams.