Peter Cruddas, Baron Cruddas

Peter Cruddas
Peter Cruddas
Born	Peter Andrew Cruddas; September 30, 1953 (age 73); Hackney, London, England
Occupation(s)	Businessman, banker
Years active	1989–present
Known for	Founder of CMC Markets

Peter Andrew Cruddas, Baron Cruddas (born 30 September 1953) is a British businessman and banker, recognized as the founder of the online trading firm CMC Markets. According to the 2007 Sunday Times Rich List, he was identified as the wealthiest individual in the City of London, with an estimated net worth of £860 million. By March 2012, Forbes valued his fortune at $1.3 billion (equivalent to £830 million at that time).

In June 2011, Cruddas was appointed co-treasurer of the Conservative Party. However, in March 2012, The Sunday Times reported allegations that he had offered access to Prime Minister David Cameron and Chancellor George Osborne in return for donations ranging from £100,000 to £250,000. He resigned from his position on the same day. Subsequently, in June 2013, Cruddas won a libel case against The Sunday Times, though the Court of Appeal later reduced the damages awarded from £180,000 to £50,000 in March 2015, affirming that the primary "cash for access" claim was founded on factual evidence.

Despite unanimous opposition from the House of Lords Appointments Commission, Prime Minister Boris Johnson nominated Cruddas for a life peerage in December 2020, which he officially received in February 2021.

Early life

Cruddas was born in Hackney, London, into a working-class family; his father was employed at Smithfield Market, while his mother single-handedly raised four children under challenging circumstances. He attributes much of his discipline and self-assurance—essential qualities for his professional journey—to his involvement with the Boy Scouts during his youth.

Career

Starting work at age 14 as a milkman, Cruddas left formal education at 15 without earning qualifications. He initially worked as a telex operator at Western Union before transitioning into foreign exchange trading roles at various banks, including Bank of Iran and Marine Midland. By 1989, he had become head foreign exchange dealer at Petra Bank’s London office.

That same year, he launched CMC Markets with an initial investment of £10,000. The company rose to prominence during the 1991 Gulf War by facilitating foreign exchange transactions for Arab banks dealing with Western financial institutions. In 1996, CMC Markets was among the pioneers to introduce online trading services.

Cruddas held the CEO position until October 2007 and resumed it between July 2009 and June 2010; he also served as Executive Chairman from 2003 until March 2013. Following a downturn in revenue and a pre-tax loss in early 2013, he returned as CEO and implemented a staff reduction by one-third. As of November 2024, he maintained ownership of a 59.02% share in CMC Markets.

Politics

Since 2010, Cruddas has contributed over £3.5 million to the Conservative Party. His donations included £100,000 toward the end of 2010 and an additional £50,000 during the early stages of that year's general election campaign. By February 2021—shortly after being granted a peerage—his cumulative contributions surpassed £3 million.

Cash-for-Access scandal

In June 2011, Cruddas was appointed co-treasurer alongside Lord Fink and became the principal fundraiser for the party following David Rowland’s departure. In 2012, investigative journalists uncovered that Cruddas had offered exclusive dinners with David Cameron and George Osborne for donations up to £250,000, promising "premier league" level access to senior government officials. This revelation prompted his resignation and a public apology wherein he minimized his actual influence.

He pursued legal action against The Sunday Times for libel regarding their reporting and initially secured damages amounting to £180,000; however, on appeal, this sum was lowered to £50,000 after judges confirmed that the core allegation—that he provided access in exchange for donations—was substantiated by evidence.

Brexit

As a leading Eurosceptic figure, Cruddas was one of the most significant financial backers of the Vote Leave campaign, donating £1 million in November 2015 and contributing a total of £1.5 million overall. Although he supported Brexit, the prospectus for CMC Markets acknowledged the potential hazards linked to the UK’s departure from the European Union.

2013–present

In June 2019, Cruddas provided £50,000 to Boris Johnson’s bid for Conservative Party leadership. During the Conservative leadership contest from July to September 2022, following Johnson’s resignation, Cruddas spearheaded initiatives to reinstate him as a contender and established the Conservative Democratic Organisation aimed at amplifying the influence of party members. In August 2022, he warned that Tory funding might be withdrawn unless constitutional reforms curtailed the authority of backbench MPs.

By June 2024, investigations revealed that Cruddas had shared social media content endorsing Nigel Farage and Reform UK while expressing criticism of the Conservative Party.

Peerage

Despite objections from the House of Lords Appointments Commission, Boris Johnson nominated Cruddas for a peerage in December 2020, citing his charitable work and political contributions. Critics pointed out that Cruddas had donated over £3.5 million to Conservative causes since 2010, including a £500,000 gift shortly after receiving his peerage—a development labeled as "the worst honours scandal in a century."

On 27 January 2021, he was ennobled as Baron Cruddas, of Shoreditch in Hackney. He delivered his inaugural speech on 12 March 2021 in response to the budget statement. By 2023, New Statesman ranked him as the 38th most influential right-wing political figure in Britain due to his financial clout within the Conservative Party.

Charity

Cruddas asserts that he has committed £100 million to charitable initiatives, though this amount is self-reported. He established the Peter Cruddas Foundation in 2006 with the aim of assisting disadvantaged young people. By 2010, he had become the largest individual benefactor to the Duke of Edinburgh Award International Association.

In 2011, The Independent placed him fourth among philanthropists in terms of generosity. His charitable support extends to institutions such as Great Ormond Street Hospital, the Royal Opera House, and The Royal Ballet. After joining the Chairman's Circle, he was invited to serve as a Trustee and Board member of the Royal Opera House in 2012; however, as of December 2024, he no longer holds these positions.

Cruddas stepped down from his role as Trustee at the Prince's Trust in June 2011 after serving since 2009. The Peter Cruddas Foundation donated £1 million to support the Trust’s Enterprise Programme in Wales in 2008.

Personal life

Cruddas is a father to four children from two marriages; his current spouse is Fiona. Between 2001 and 2009, he resided in Monaco, commuting daily via London City Airport. This arrangement utilized a legal loophole permitting British business figures to retain non-resident tax status while working up to 90 days annually in the UK. Nevertheless, Cruddas denied allegations of engaging in tax avoidance.

He was a frequent guest at the Presidents Club Charity Dinner, an event later tarnished by scandal due to reports of misconduct. Following media revelations in 2018, several major hospitals declined donations associated with this event.

In 2011, Cruddas described owning a £10 million apartment in Monaco, a £5 million residence in Hertfordshire, property in Antibes, alongside a yacht and private jet. An enthusiastic golfer with a low handicap, he also writes quatrains and is a supporter of Arsenal FC.

Cruddas has recounted that at one point the Conservative Party requested he refrain from parking his silver Rolls-Royce outside its headquarters during meetings—a request he sometimes chooses not to follow.

In 2016, Cruddas and his wife acquired Balfour House—a seven-storey Victorian mansion located in London's Mayfair—for £42 million paid in cash. Additionally, he owns the first Rolls-Royce Wraith Kryptos model.

External links