Chancellors and financiers on peerage list
7 Aug 2020
One of the accountancy profession’s staunchest critics joins two former Conservative Chancellors of the Exchequer and senior figures from the financial services industry on the list of 36 new peers created last month
7 Aug 2020
Prem Sikka, professor of accounting at the University of Sheffield and emeritus professor at the University of Essex business school, will be taking a seat in the House of Lords. An ACCA member, Sikka has frequently been outspoken in his views about the need for reform in the sector and has been asked by the Labour Party to conduct an independent review of the whole UK accounting and auditing regime
Prime minister Boris Johnson’s dissolution honours list features veteran MP Kenneth Clarke, who was Chancellor from 1993 to 1997, taking over after Norman Lamont in the wake of Black Wednesday and the decision to leave the European exchange rate mechanism.
Clarke’s period in charge of the Treasury saw interest rates, inflation and unemployment all falling, while the basic rate of income tax was cut from 25% to 23%.
He will be joined in the Lords by Philip Hammond, who served as Chancellor of the Exchequer under prime minister Theresa May from 2016 to 2019, resigning before Johnson took over as he was opposed to a ‘no deal’ Brexit.
There is also a peerage for Frank Field, former Labour MP for Birkenhead, who was for several years chair of the influential work and pensions select committee, with a particular focus on changes to the pensions regime and the impact of corporate insolvencies on pension scheme members.
ICAEW member Ray Puddifoot is made a knight for his services to the London borough of Hillingdon. Elected as a councillor in 1998, Puddifoot became leader two years later in 2000, and is the longest serving Hillingdon council leader since the borough was created in 1965 and the longest serving council leader in London.
The political peerages list includes financier and campaigner Dame Helena Morrissey. An investment fund manager, in 2010 Morrissey established the 30% Club to campaign for greater female representation on company boards.
Other new peers include City grandee and former Conservative party treasurer Michael Spencer, who founded the spread betting firm ICAP, and the current Conservative Party Treasurer, social entrepreneur and venture capital investor Aamer Sarfraz.