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Peter Cruddas, Baron Cruddas
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Peter Cruddas, Baron Cruddas
Peter Andrew Cruddas, Baron Cruddas (born 30 September 1953) is an English banker and businessman. 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. As of March 2012, Forbes estimated his wealth at $1.3 billion, equivalent to £830 million at the time.
Cruddas was appointed Conservative Party co-treasurer in June 2011. 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. Cruddas resigned the same day.
In June 2013, Cruddas successfully sued The Sunday Times for libel over its coverage of him, which the High Court found had been defamatory. However, in March 2015, the Court of Appeal 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.
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.
The son of a father who worked at Smithfield Market, Cruddas has a twin brother Stephen and an elder brother John, both of whom later became taxi drivers. Born in the Metropolitan Borough of Hackney, the boys initially lived on the Bracklyn Court Estate, before moving to Vince Court when the twins were six. Cruddas points to his time in the Boy Scouts as pivotal, stating the organisation fostered the self-discipline and confidence he would later exploit in his career:
"The Boy Scouts enabled me to escape a violent home situation and the inner city. I sincerely believe that I would not be where I am today had I not become a member."
He attributes the family turmoil to his father's alcoholism, while recalling that his mother worked as a cleaner and single-handedly raised the children through hardship. She remained in London even during World War II to care for her own mother. Throughout interviews and in his autobiography, Cruddas refers to his mother as the primary driver of his success. He says he started his business only to impress her, and "then never stopped".
In his own words, Cruddas began working at the age of 14 as a weekend milkman for Express Dairies. As the family needed money, he left Shoreditch Comprehensive aged 15 with no qualifications and gained a job as a telex operator for Western Union in the City of London, earning about £7 a week. After being made redundant, he worked in the foreign currency trading rooms of various banks, including the Bank of Iran and Marine Midland. In 1982-89, he was Chief Dealer at SCF Equity Services.
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Peter Cruddas, Baron Cruddas
Peter Andrew Cruddas, Baron Cruddas (born 30 September 1953) is an English banker and businessman. 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. As of March 2012, Forbes estimated his wealth at $1.3 billion, equivalent to £830 million at the time.
Cruddas was appointed Conservative Party co-treasurer in June 2011. 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. Cruddas resigned the same day.
In June 2013, Cruddas successfully sued The Sunday Times for libel over its coverage of him, which the High Court found had been defamatory. However, in March 2015, the Court of Appeal 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.
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.
The son of a father who worked at Smithfield Market, Cruddas has a twin brother Stephen and an elder brother John, both of whom later became taxi drivers. Born in the Metropolitan Borough of Hackney, the boys initially lived on the Bracklyn Court Estate, before moving to Vince Court when the twins were six. Cruddas points to his time in the Boy Scouts as pivotal, stating the organisation fostered the self-discipline and confidence he would later exploit in his career:
"The Boy Scouts enabled me to escape a violent home situation and the inner city. I sincerely believe that I would not be where I am today had I not become a member."
He attributes the family turmoil to his father's alcoholism, while recalling that his mother worked as a cleaner and single-handedly raised the children through hardship. She remained in London even during World War II to care for her own mother. Throughout interviews and in his autobiography, Cruddas refers to his mother as the primary driver of his success. He says he started his business only to impress her, and "then never stopped".
In his own words, Cruddas began working at the age of 14 as a weekend milkman for Express Dairies. As the family needed money, he left Shoreditch Comprehensive aged 15 with no qualifications and gained a job as a telex operator for Western Union in the City of London, earning about £7 a week. After being made redundant, he worked in the foreign currency trading rooms of various banks, including the Bank of Iran and Marine Midland. In 1982-89, he was Chief Dealer at SCF Equity Services.
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