City grandee Cruddas made Tory peer despite Lords’ gatekeepers objections
City grandee Peter Cruddas has been appointed as a Tory Peer after the Prime Minister stepped in to overrule the House of Lords Appointment Commission.
The appointment of Cruddas, a banker and philanthropist who has given millions to good causes over the years, was questioned by the Commission over newspaper allegations around ‘cash for access’ during Cruddas’ time as Tory party treasurer.
The PM wrote to the Commission’s chair, Lord Bew, saying “the most serious allegations levelled at the time were found to be untrue and libellous.”
Read more: Who’s up and who’s down in Westminster this year?
In a letter he continued that Cruddas had been “born without the advantages of many of those in the House of Lords and has gone on to become one of the country’s most successful business figures.”
Cruddas founded online trading company CMC Markets.
Daniel Hannan, a former MEP and a regular City A.M. columnist, was also appointed to the upper house on the Conservative benches.
Amongst the other appointments were Syed Kamall, think tank director Dean Godson and former MP the Rt. Hon. Sir Richard Benyon.
Sir Simon McDonald, formerly Head of the Diplomatic Service, and Sir Andrew Parker, the former Head of MI5, were also ennobled.
Labour nominated Jenny Chapman, former MP for Darlington, and four others.
Read more: City analysts wait for a deal too important not to be done