Difference between revisions of "Peter Cruddas"
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| − | [[File:Peter Cruddas.png|200px|thumb|right|Peter Cruddas]] | + | {{Template:Brexit badge}}[[File:Peter Cruddas.png|200px|thumb|right|Peter Cruddas]] |
| − | '''Peter Cruddas''' is Britain’s 15th richest man, and the founder of the spread betting firm [[CMC Markets]] | + | '''Peter Cruddas''' is Britain’s 15th richest man, and the founder of the spread betting firm [[CMC Markets]].<ref name="groves"> Jason Groves, [http://www.dailymail.co.uk/news/article-1395080/Billionaire-gambling-tycoon-new-Tory-treasurer--despite-tax-dodging-claims.html#ixzz1OoQJZkpa Billionaire gambling tycoon is new Tory treasurer... despite tax-dodging claims] ''Daily Mail'', 7 June 2011, accessed 9 June 2011</ref> |
| − | + | Cruddas is a [[Conservative Party]] donor and former co-treasurer of the party, resigning after a 'cash for access' newspaper sting. | |
| − | == | + | He is a Brexit supporter and was one of the biggest donors to the campaign for Britain to leave the EU, giving a total of $350,000. |
| − | + | ||
| + | ==Funding right-wing campaigns== | ||
| + | ===Conservative Party=== | ||
| + | Cruddas is a major donor the [[Conservative Party]].<ref>Mark Hughes, [http://www.telegraph.co.uk/news/politics/9166217/Peter-Cruddas-The-boy-Scout-who-left-school-at-15-and-became-a-millionaire.html? 'Peter Cruddas: The boy Scout who left school at 15 and became a millionaire'], ''The Daily Telegraph'', 26 march 2012.</ref> | ||
| + | |||
| + | In June 2011 the self-made billionaire was appointed co-treasurer of the [[Conservative Party (UK)|Conservative Party]], alongside long-serving treasurer [[Stanley Fink]].<ref name="groves"/> <ref>James Quinn and Ben Harrington, [http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8560001/CMC-founder-Peter-Cruddas-to-be-co-treasurer-of-Conservative-Party.html CMC founder Peter Cruddas to be co-treasurer of Conservative Party ], ''The Daily Telegraph'', 7 June 2011</ref> Fink stepped down in early 2012, to be replaced by another hedge fund millionaire, [[Michael Farmer]]. Just nine months later Cruddas resigned as Tory co-treasurer after a 'cash for access' newspaper sting (see below). | ||
| + | |||
| + | ===Brexit supporter=== | ||
| + | Cruddas was a major donor to the eurosceptic [[Vote Leave]] campaign in the UK's 2016 EU referendum. He gave the Brexit campaign £350,000. | ||
| + | |||
| + | In June 2016, the ''Financial Times'' reported that Cruddas had suffered losses due to market volatility in the wake of a Brexit vote. Cruddas saw [[CMC Markets]]'s value drop by £100 million since the vote on 23 June 2016, with a recovery taking his losses down to just £30 million overall. <ref>Kate Burgess, [https://next.ft.com/content/375334f8-3d14-11e6-9f2c-36b487ebd80a 'Brexit backers hit by big losses on company shares', 29 June 2016], ''Financial Times'', accessed 4 July 2016</ref> | ||
| + | |||
| + | ===Opposing voting reform=== | ||
| + | He was by far the largest donor to the successful ‘No to AV’ campaign in 2011, which opposed replacing the UK's first-past-the-post voting with a fairer 'alternative voting' system. He effectively bankrolled the campaign with a donation of £400,000.<ref>[http://www.no2av.org/04/a-letter-from-donors-to-no-to-av/ A Letter from Donors to NO to AV], 9 April 2011, accessed 1 December 2011</ref> | ||
| + | |||
| + | ===Free-market think tank donor=== | ||
| + | An investigation of the funding of [[Policy Exchange]] in 2011 found that his [[Peter Cruddas Foundation]] was the think-tank's single largest donor. The Foundation donated £140,000 to [[Policy Exchange]] in 2007/8, £300,000 in 2008/9, and £120,000 in 2009/10.<ref> see The [[Peter Cruddas Foundation]]</ref> These donations have supported research on public service delivery and welfare, ‘broken Britain’, and child poverty. The Foundation is credited in Policy Exchange reports on health, education and welfare reform and child poverty. <ref>[http://www.spinwatch.org/images/SpinwatchReport_ColdWar.pdf The Cold War on British Muslims] p.50</ref> | ||
==Cash for access sting== | ==Cash for access sting== | ||
| Line 17: | Line 33: | ||
:But within that room everything is confidential - you can ask him practically any question you want. | :But within that room everything is confidential - you can ask him practically any question you want. | ||
| − | :If you're unhappy about something, we will listen to you and put it into the policy committee at number 10 - we feed all feedback to the policy committee.' <ref>[http://www.bbc.co.uk/news/uk-politics-17501618? 'Tory Peter Cruddas sold access to PM, Sunday Times allege'], ''BBC'', 25 | + | :If you're unhappy about something, we will listen to you and put it into the policy committee at number 10 - we feed all feedback to the policy committee.' <ref>[http://www.bbc.co.uk/news/uk-politics-17501618? 'Tory Peter Cruddas sold access to PM, Sunday Times allege'], ''BBC'', 25 March 2012.</ref> |
Following the release of the video Cruddas resigned from his position as Tory co-treasurer. Cruddas stated: | Following the release of the video Cruddas resigned from his position as Tory co-treasurer. Cruddas stated: | ||
| Line 52: | Line 68: | ||
==Political Donations== | ==Political Donations== | ||
| − | + | Recorded by the Electoral Commission. For an up-to-date list of donations by Peter Cruddas, search the Electoral Commission website:<ref>[http://search.electoralcommission.org.uk/Search/Donations?currentPage=1&rows=10&sort=Value&order=desc&tab=1&open=filter&et=perpar&date=Reported&from=2016-04-01&to=2016-05-03&prePoll=true&postPoll=false&optCols=AccountingUnitsAsCentralParty&optCols=IsSponsorship&optCols=RegulatedDoneeType&optCols=CompanyRegistrationNumber&optCols=Postcode&optCols=NatureOfDonation&optCols=PurposeOfVisit&optCols=DonationAction&optCols=ReportedDate&optCols=IsReportedPrePoll&optCols=ReportingPeriodName&optCols=IsBequest&optCols=IsAggregation Donor Search], ''Electoral Commission'', accessed 25 May 2016</ref> | |
| − | Recorded by the Electoral Commission: | ||
<table cellspacing="0" cellpadding="3" border="1" float="left" align="left" width="100%"> | <table cellspacing="0" cellpadding="3" border="1" float="left" align="left" width="100%"> | ||
<tr> | <tr> | ||
| Line 131: | Line 146: | ||
<td align="center">Peter A Cruddas</td> | <td align="center">Peter A Cruddas</td> | ||
<td align="center">£250,000.00</td> | <td align="center">£250,000.00</td> | ||
| − | <td align="center">[[No Campaign]] | + | <td align="center">[[No Campaign Limited]]</td> |
| − | <td align="center"> | + | <td align="center"></td> |
</tr> | </tr> | ||
| Line 139: | Line 154: | ||
<td align="center">Peter A Cruddas</td> | <td align="center">Peter A Cruddas</td> | ||
<td align="center">£150,000.00</td> | <td align="center">£150,000.00</td> | ||
| − | <td align="center">[[No Campaign]] | + | <td align="center">[[No Campaign Limited]]</td> |
| − | <td align="center"> | + | <td align="center"></td> |
</tr> | </tr> | ||
| Line 214: | Line 229: | ||
<td align="center"></td> | <td align="center"></td> | ||
</tr> | </tr> | ||
| + | |||
| + | <tr> | ||
| + | <td align="center">10/03/2016</td> | ||
| + | <td align="center">Peter A Cruddas</td> | ||
| + | <td align="center">£350,000</td> | ||
| + | <td align="center">[[Vote Leave]]<ref>[http://search.electoralcommission.org.uk/Search/Donations?currentPage=1&rows=10&sort=Value&order=desc&tab=1&open=filter&et=perpar&date=Reported&from=2016-04-01&to=2016-05-03&prePoll=true&postPoll=false&optCols=AccountingUnitsAsCentralParty&optCols=IsSponsorship&optCols=RegulatedDoneeType&optCols=CompanyRegistrationNumber&optCols=Postcode&optCols=NatureOfDonation&optCols=PurposeOfVisit&optCols=DonationAction&optCols=ReportedDate&optCols=IsReportedPrePoll&optCols=ReportingPeriodName&optCols=IsBequest&optCols=IsAggregation Donor Search], ''Electoral Commission'', accessed 25 May 2016</ref></td> | ||
| + | <td align="center"></td> | ||
| + | </tr> | ||
</table><ref> Electoral Commission, [https://pefonline.electoralcommission.org.uk/Search/CommonReturnsSearch.aspx?type=basicDonationSearch Donation Search], accessed 20 February 2015 </ref> | </table><ref> Electoral Commission, [https://pefonline.electoralcommission.org.uk/Search/CommonReturnsSearch.aspx?type=basicDonationSearch Donation Search], accessed 20 February 2015 </ref> | ||
<br> | <br> | ||
| + | |||
==References== | ==References== | ||
<references/> | <references/> | ||
| − | [[Category:Financial sector lobbying|Cruddas, Peter]] [[Category: Conservative Party|Cruddas, Peter]] [[Category: Conservative Party Donors|Cruddas, Peter]] | + | [[Category:Financial sector lobbying|Cruddas, Peter]] [[Category: Conservative Party|Cruddas, Peter]] [[Category: Conservative Party Donors|Cruddas, Peter]] [[Category: Brexit|Cruddas, Peter]] [[Category: UK|Cruddas, Peter]][[Category:Brexit ‘leave’ donor]][[Category:NOtoAV]] |
Latest revision as of 02:23, 8 January 2018
|
Part of the Powerbase Brexit Portal. |
Peter Cruddas is Britain’s 15th richest man, and the founder of the spread betting firm CMC Markets.[1]
Cruddas is a Conservative Party donor and former co-treasurer of the party, resigning after a 'cash for access' newspaper sting.
He is a Brexit supporter and was one of the biggest donors to the campaign for Britain to leave the EU, giving a total of $350,000.
Contents
Funding right-wing campaigns
Conservative Party
Cruddas is a major donor the Conservative Party.[2]
In June 2011 the self-made billionaire was appointed co-treasurer of the Conservative Party, alongside long-serving treasurer Stanley Fink.[1] [3] Fink stepped down in early 2012, to be replaced by another hedge fund millionaire, Michael Farmer. Just nine months later Cruddas resigned as Tory co-treasurer after a 'cash for access' newspaper sting (see below).
Brexit supporter
Cruddas was a major donor to the eurosceptic Vote Leave campaign in the UK's 2016 EU referendum. He gave the Brexit campaign £350,000.
In June 2016, the Financial Times reported that Cruddas had suffered losses due to market volatility in the wake of a Brexit vote. Cruddas saw CMC Markets's value drop by £100 million since the vote on 23 June 2016, with a recovery taking his losses down to just £30 million overall. [4]
Opposing voting reform
He was by far the largest donor to the successful ‘No to AV’ campaign in 2011, which opposed replacing the UK's first-past-the-post voting with a fairer 'alternative voting' system. He effectively bankrolled the campaign with a donation of £400,000.[5]
Free-market think tank donor
An investigation of the funding of Policy Exchange in 2011 found that his Peter Cruddas Foundation was the think-tank's single largest donor. The Foundation donated £140,000 to Policy Exchange in 2007/8, £300,000 in 2008/9, and £120,000 in 2009/10.[6] These donations have supported research on public service delivery and welfare, ‘broken Britain’, and child poverty. The Foundation is credited in Policy Exchange reports on health, education and welfare reform and child poverty. [7]
Cash for access sting
A still from the Sunday Times undercover video which showed Peter Cruddas offering access to the prime minister David Cameron in return for donations to the Conservative Party.
On 25th March 2012 the Sunday Times released an undercover video showing Peter Cruddas offering access to the prime minister David Cameron in return for donations of around £250,000. In the video Cruddas states:
- 'Two hundred grand to 250 is Premier League… what you would get is, when we talk about your donations the first thing we want to do is get you at the Cameron/Osborne dinners.
- You do really pick up a lot of information and when you see the Prime Minister, you're seeing David Cameron, not the Prime Minister.
- But within that room everything is confidential - you can ask him practically any question you want.
- If you're unhappy about something, we will listen to you and put it into the policy committee at number 10 - we feed all feedback to the policy committee.' [8]
Following the release of the video Cruddas resigned from his position as Tory co-treasurer. Cruddas stated:
- 'Clearly there is no question of donors being able to influence policy or gain undue access to politicians. Specifically, it was categorically not the case that I could offer, or that David Cameron would consider, any access as a result of a donation. Similarly, I have never knowingly even met anyone from the Number 10 policy unit. But in order to make that clear beyond doubt, I have regrettably decided to resign with immediate effect.' [9]
However in June 2013 Cruddas won his libel case against Times Newspapers Ltd. The London Evening Standard reported that:
- Former Conservative Party co-treasurer Peter Cruddas has won his libel action over an allegation in the Sunday Times about charging £250,000 to meet David Cameron.
- The 59-year-old businessman brought an action for defamation and malicious falsehood against Times Newspapers Ltd and two members of the newspaper's Insight team over three articles which appeared in March 2012.
- They appeared after the journalists pretended to be agents for foreign investors who wanted to explore making donations to the party and hired a lobbyist, through whom they arranged to meet Mr Cruddas.
- Unknown to him, said Mr Justice Tugendhat at London's High Court, each reporter carried a concealed camera with an audio recording facility.[10]
The Press Gazette reported that:
- Cruddas complained the articles meant that, in return for cash donations to the party, he corruptly offered for sale the opportunity to influence government policy and gain unfair advantage through secret meetings with the Prime Minister and other senior ministers. He also said they meant he made the offer even though he knew the money offered for meetings was to come, in breach of the ban under UK electoral law, from Middle Eastern investors in a Liechtenstein fund and was happy that the foreign donors should use deceptive devices to conceal the true source of the donation.
- The newspaper took issue with the meanings claimed by Cruddas, pleaded justification in alternative meanings to the libel claims, and denied the articles were false or published maliciously.
- But yesterday Mr Justice Tugendhat ruled in Cruddas's favour on meaning, struck out the justification defence and entered judgment for him on the defamation claim, with damages to be assessed. The matter is due to return to court on 17 June.
- The judge said that, in the light of his decision, it was up to Cruddas, who was also granted an injunction preventing continued publication on the newspaper's website, to decide whether to pursue the malicious falsehood claim.
- A spokesman from the newspaper said: "The Sunday Times is applying for permission to appeal the decision of Mr Justice Tugendhat and will continue to seek to defend the undercover journalism behind this public interest report on cash for access to Cameron. [11]
Appeal Court overturns decision in part - libel trial to proceed
On 21 June 2013 Sunday Times won an Appeal Court decision against the ruling of Mr Justice Tugendhat that the published articles made an allegation of corruption contrary to the criminal law ([2013] EWHC 1427 (QB)). The Court set aside the orders striking out the defence of justification and entering judgment for the claimant. Lord Justice Longmore also lifted the injunction preventing publication of the allegations. [12]
The trial started on 2 July 2013.
Political Donations
Recorded by the Electoral Commission. For an up-to-date list of donations by Peter Cruddas, search the Electoral Commission website:[13]
| Date | Name of donor | Amount | Donated to | Subsidiary (parties only) |
|---|---|---|---|---|
| 18/11/2009 | Peter A Cruddas | £200,000.00 | Conservative Party | Central party |
| 26/02/2010 | Peter A Cruddas | £50,000.00 | Conservative Party | Central party |
| 09/04/2010 | Peter A Cruddas | £50,000.00 | Conservative Party | Central party |
| 16/09/2010 | Peter A Cruddas | £8,000.00 | Conservative Party | Central party |
| 16/12/2010 | Peter A Cruddas | £100,000.00 | Conservative Party | Central party |
| 14/03/2011 | Peter A Cruddas | £9,600.00 | Conservative Party | Central party |
| 09/06/2011 | Peter A Cruddas | £6,000.00 | Conservative Party | Central party |
| 01/08/2011 | Peter A Cruddas | £258,500.00 | Conservative Party | Central party |
| 14/02/2011 | Peter A Cruddas | £250,000.00 | No Campaign Limited | |
| 11/03/2011 | Peter A Cruddas | £150,000.00 | No Campaign Limited | |
| 14/12/2011 | Peter A Cruddas | £1,000.00 | Conservative Party | Central party |
| 14/12/2011 | Peter A Cruddas | £124,451.76 | Conservative Party | Central party |
| 16/03/2012 | Peter A Cruddas | £6,906.00 | Conservative Party | Central party |
| 16/03/2012 | Peter A Cruddas | £1,000.00 | Conservative Party | Ipswich |
| 16/03/2012 | Peter A Cruddas | £204,850.00 | Conservative Party | Central Party |
| 25/10/2013 | Peter A Cruddas | £5,000.00 | James Wharton MP | |
| 10/02/2014 | Peter A Cruddas | £10,000.00 | James Wharton MP | |
| 02/07/2014 | Peter A Cruddas | £10,000.00 | James Wharton MP | |
| 29/10/2014 | Peter A Cruddas | £5,000.00 | James Wharton MP | |
| 10/03/2016 | Peter A Cruddas | £350,000 | Vote Leave[14] |
References
- ↑ 1.0 1.1 Jason Groves, Billionaire gambling tycoon is new Tory treasurer... despite tax-dodging claims Daily Mail, 7 June 2011, accessed 9 June 2011
- ↑ Mark Hughes, 'Peter Cruddas: The boy Scout who left school at 15 and became a millionaire', The Daily Telegraph, 26 march 2012.
- ↑ James Quinn and Ben Harrington, CMC founder Peter Cruddas to be co-treasurer of Conservative Party , The Daily Telegraph, 7 June 2011
- ↑ Kate Burgess, 'Brexit backers hit by big losses on company shares', 29 June 2016, Financial Times, accessed 4 July 2016
- ↑ A Letter from Donors to NO to AV, 9 April 2011, accessed 1 December 2011
- ↑ see The Peter Cruddas Foundation
- ↑ The Cold War on British Muslims p.50
- ↑ 'Tory Peter Cruddas sold access to PM, Sunday Times allege', BBC, 25 March 2012.
- ↑ Daniel Boffey, 'Senior Tory Peter Cruddas resigns after cash for PM access sting', The Guardian, 25 March 2012.
- ↑ 'Former Tory treasurer Peter Cruddas wins libel action over 'cash for policy' claims', London Evening Standard, 5 June 2013.
- ↑ PA Mediapoint and Press Gazette, [Ex-Tory co-treasurer Peter Cruddas wins Sunday Times libel battle], 05 June 2013, accessed same day
- ↑ The International Forum for Responsible Media Blog, Case Law: Cruddas v Calvert, Sunday Times appeal allowed in part, no allegation of criminal corruption
- ↑ Donor Search, Electoral Commission, accessed 25 May 2016
- ↑ Donor Search, Electoral Commission, accessed 25 May 2016
- ↑ Electoral Commission, Donation Search, accessed 20 February 2015
