Budget Statement

Lord Cruddas Excerpts

Friday 12th March 2021 Lords Chamber

[Lord Cruddas (Con) (Maiden Speech)]

My Lords, it is a great privilege and honour to deliver my first speech to your Lordships’ House. First, I will quickly thank Black Rod and her team, and the many helpers and support staff who have been so helpful to me. I also quickly thank Garter, who I found very helpful. I have a special thank you for the noble Baroness, Lady Stuart, and my noble friend Lord Leigh of Hurley, for introducing me to your Lordships’ House—and thank you, Howard, for being a good mentor.

In Easter 1968, I left Shoreditch comprehensive school, Hackney, with no qualifications and no job. I was 15 years old. I had no choice; my mum needed the money. I got a job as a telegram operator with Western Union. I would give all my weekly wage to my mother. I have not been out of work since. At 18, I joined a bank in the City as a money market dealer’s assistant. In 1989, at the age of 36, I started my own financial services company, which I still run today and which is listed on the London Stock Exchange. In 1996, I launched Europe’s first online trading system to allow people to buy and sell financial products.

Off the back of this success, I started my own Peter Cruddas Foundation to help and support disadvantaged young people. To date, my foundation—which is funded entirely by me—has donated to over 200 charities. I have also had some political successes, namely NO2AV and Vote Leave; I was a director and treasurer for both campaigns. I will do my best to support your Lordships’ House with my experience and expertise. I will do so freely and with an open mind. My objective is to be an asset here.

I am pleased to say that I think the Chancellor’s Budget has established a clear path for the country to move from these difficult times, for many, to a brighter and more prosperous future for all. It is a path on which the direction of travel is rightly guided by principles that seek to equitably address, across society, the fiscal deficit due to Covid. It also provides a constructive way to stimulate and incentivise investment in the country and the future, not just to reinvigorate the economy post Covid but to help propel the post-Brexit opportunities. It was a thoughtful Budget.