Peter Cruddas, Baron Cruddas

The Right Honourable
The Lord Cruddas
Official portrait, 2021
Member of the House of Lords
Lord Temporal
Incumbent
Assumed office
2 February 2021
Life Peerage
Treasurer of the Conservative Party
In office
6 June 2011 – 24 March 2012
LeaderDavid Cameron
DeputyMike Chattey
ChairmanThe Lord Feldman of Elstree
The Baroness Warsi
Preceded byRichard Harrington (2010)
Succeeded byJames Lupton (2013)
Personal details
Born
Peter Andrew Cruddas

(1953-09-30) 30 September 1953 (age 71)
Hackney, London[1]
SpouseFiona Cruddas
Children4 (2 from each marriage)
EducationShoreditch Comprehensive
OccupationBanker and businessman

Peter Andrew Cruddas, Baron Cruddas (born 30 September 1953) is an English banker and businessman.[2][3] He is the founder of online trading company CMC Markets. In the 2007 Sunday Times Rich List, he was named the richest man in the City of London, with an estimated fortune of £860 million.[1] As of March 2012, Forbes estimated his wealth at $1.3 billion,[4] equivalent to £830 million at the time.

Cruddas was appointed Conservative Party co-treasurer in June 2011.[5] In March 2012 it was alleged by The Sunday Times that he had offered access to the Prime Minister David Cameron and the Chancellor George Osborne, in exchange for cash donations of between £100,000 and £250,000.[6][7] Cruddas resigned the same day.[8]

In June 2013, Cruddas successfully sued The Sunday Times for libel over its coverage of him, which the High Court found had been defamatory.[9] However, in March 2015, an appeal court reduced the libel damages from the original £180,000 to £50,000, ruling that the Sunday Times's central allegation around "cash for access" had been borne out by the facts, while also ruling that a series of subsidiary allegations made in the same Sunday Times article were still false and defamatory.[10][11]

In December 2020, it was announced he would be conferred a life peerage after a nomination by Prime Minister Boris Johnson, despite the contrary advice of the House of Lords Appointments Commission, which unanimously recommended that the Prime Minister rescind his nomination.[12][13]

  1. ^ a b Cite error: The named reference HackneyPeople was invoked but never defined (see the help page).
  2. ^ Rigby, Elizabeth (25 March 2012). "PM's fundraiser quits over cash for access". Financial Times. Retrieved 28 March 2012., The Independent, 8 June 2011
  3. ^ McSmith, Andy (8 June 2011). "'Very polished' rough diamond Peter Cruddas joins Tory treasury team". The Independent. Archived from the original on 25 May 2022. Retrieved 12 April 2012.
  4. ^ "Peter Cruddas". Forbes. March 2012. Retrieved 24 November 2012.
  5. ^ Cite error: The named reference Indp2294343 was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference BBC17501618 was invoked but never defined (see the help page).
  7. ^ Cite error: The named reference Sky16195702 was invoked but never defined (see the help page).
  8. ^ Cite error: The named reference GuardResignation was invoked but never defined (see the help page).
  9. ^ Halliday, Josh (5 June 2013). "Former Tory co-treasurer Peter Cruddas wins Sunday Times libel case". The Guardian. Retrieved 6 June 2013.
  10. ^ Greenslade, Roy (17 March 2015). "Appeal court reduces damages award against Sunday Times to £50,000". The Guardian. Retrieved 14 June 2019.
  11. ^ Ponsford, Dominic (17 March 2015). "Sunday Times libel damages to Peter Cruddas reduced on appeal from £180k to £50k". Press Gazette. Retrieved 14 June 2019.
  12. ^ "Political Peerages 2020". Gov.uk. Retrieved 22 December 2020.
  13. ^ "New Tory sleaze row as donors who pay £3m get seats in House of Lords". archive.ph. Archived from the original on 7 November 2021. Retrieved 7 November 2021.