William Hopper (politician)
Will Hopper | |
|---|---|
| Born | August 9, 1929 Glasgow, Scotland |
| Occupation(s) | Investment banker, politician |
| Years active | 1956–present |
| Known for | Co-founder and chairman of the Institute for Fiscal Studies, Member of the European Parliament |
William Joseph Hopper, commonly known as Will Hopper (born 9 August 1929), is a British figure prominent in investment banking and politics. He played a key role in establishing the Institute for Fiscal Studies, an independent research organization dedicated to evaluating the economic effects of governmental policies. Hopper also held a brief tenure as a Member of the European Parliament (MEP) representing the Conservative Party.
Education
Growing up in Glasgow, Hopper attended Langside Elementary followed by Queen's Park Secondary schools. He graduated with first-class honors, earning a Master of Arts degree in modern languages from the University of Glasgow in 1953. Subsequently, he served as a Pilot Officer within the Royal Air Force's education branch from 1953 until 1955.
Business career
Hopper launched his financial career in 1956 as an analyst at W. R. Grace and Company based in New York City. After three years, he returned to London to take on the role of office manager at H Hentz & Co, an affiliate of the New York Stock Exchange. His career progressed with appointments as general manager at S. G. Warburg & Co Ltd and later as a director at Hill Samuel.
Institute for Fiscal Studies
Motivated by concerns over the problematic introduction of Capital Gains Tax in 1965, Hopper joined forces with three financial professionals to establish the Institute for Fiscal Studies in 1969, assuming the position of chairman. The organization's mission was to deliver impartial analysis on taxation policies and promote improvements in fiscal legislation. While serving at Hill Samuel, Hopper investigated prospects for creating a Common Capital Market within the Common Market, recognizing its significance for London's financial sector. In 1975, he became a director at Morgan Grenfell, where he was honored with Institutional Investor's 'Deal of the Year' award in 1976 for orchestrating a bond issuance on behalf of the European Investment Bank.
European Parliament
Hopper's political engagement intensified during the late 1970s. In August 1977, he publicly challenged Chancellor Denis Healey through an article in The Times, criticizing proposed sanctions against companies violating Government incomes policy as arbitrary and detrimental to legal principles. For the 1979 European Parliament election, Hopper was chosen to represent the Conservative Party for Greater Manchester West, encompassing areas such as Bolton, Salford, and Altrincham. Despite facing a previously Labour-held seat, he secured victory by a narrow margin of 302 votes—the slimmest majority across all constituencies.
Monetary union
During his tenure at the European Parliament, Hopper concentrated on economic matters. In November 1980, speaking on behalf of the European Democratic Group, he called on member nations to refrain from pursuing conflicting economic strategies. He supported centralized oversight of the European Monetary System but opposed rigid currency fluctuation limits, stressing the importance of avoiding unemployment transfer between countries. The following month, he criticized Japan's currency policies designed to benefit exports—especially automobiles—arguing these practices disrupted equitable market competition.
1981 budget
When 364 economists voiced opposition to the Conservative government's 1981 budget, Hopper stood in its defense, emphasizing their disagreement and cautioning that pursuing alternative fiscal stimulus could trigger inflation and elevate unemployment rates. Later that same year, he dismissed Edward Heath's suggestion for a European Community "ringfence" on exchange controls, labeling it as "deceptive nonsense."
During the 1984 election, modifications to constituency boundaries removed Altrincham and incorporated Bury into Hopper's district. Confronted with the prominent Labour candidate Barbara Castle, Hopper was defeated by a margin of 37,698 votes.
Later career
Throughout his tenure in the European Parliament, Hopper continued his advisory role at Morgan Grenfell and soon took on a directorship at Wharf Resources Ltd, a Calgary-based company. His ties to Manchester facilitated his appointment as a director of the Manchester Ship Canal Company from 1985 to 1987. He held the position of executive chairman at Shire Trust Ltd between 1986 and 1991, chaired Robust Mouldings Ltd from 1986 to 1990, and acted as an adviser to Yamaichi International (Europe) from 1986 until 1988. In 1996, he established W J Hopper & Co Ltd, an investment banking enterprise.
Personal Awards
Awarded 'Deal of the Year' by Institutional Investor magazine in 1976 for overseeing a European Investment Bank bond issuance.
Recipient of the Lifetime Achievement Award in Private Equity from the Thunderbird School of Global Management.
Puritan Gift
In 2006, Hopper collaborated with his brother Kenneth to write The Puritan Gift: Triumph, Collapse and Revival of an American Dream, which explores how the Protestant work ethic has influenced American business culture. Updated editions were released in 2008 and 2009, with the latter bearing the subtitle Reclaiming the American Dream amidst Global Financial Chaos. While developing a follow-up volume, Hopper was targeted by fraudsters but managed to recover his financial losses, showcasing both resilience and expertise in financial matters.