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Leading financier blasts ‘worst cabinet of all time’ as he hints at Reform/Farage donation
16 January 2025, 09:30 | Updated: 16 January 2025, 10:40
Peter Hargreaves, one of the richest men in the UK, has warned that Labour will “wreck the economy”.
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The founder of Hargreaves Lansdown, who has an estimated worth of over £1.8 billion, has hit out at the current government telling LBC that they are “universally the worst cabinet of all time”.
Peter Hargreaves, 78, said, “what frightens me is the damage that the current government will do if in power for a full term”.
He accused the Labour hierarchy of being “half cocked” and not contemplating “any thought of the ramifications of their shooting from the hip”.
He also hinted that he could back Nigel Farage’s Reform UK.
Mr Hargreaves founded the investment platform Hargreaves Lansdown 1981 and has since been a major donor in British politics. During the Brexit campaign he donated £3.2 million to Leave.EU, making him the second highest pro-Brexit donor of the campaign behind Aron Banks.
The financier, who was awarded a CBE back in 2014, also backed Boris Johnson’s election fund with a £1 million donation to the Conservatives in 2019.
Asked for his thoughts of Reform UK, Mr Hargreaves left open the idea that he could support Nigel Farage’s party.
Mr Hargreaves told LBC that he would support “whichever right-wing party which may oust [Labour]”.
He added “It’s too early to make a decision… both the Conservatives and Reform Party would do a better job”.
Richard Tice, the Deputy Leader of Reform UK, earlier ruled out any form of a deal with the Conservatives. He told Nick Ferrari "you cant do a pact with people who don't believe in your values, principles and policies"
The billionaire, who was recently in the top 100 people on the Sunday Times Rich List, also attacked the Conservatives for being “socialist leaning”.
He admitted that could yet back the Tories but questioned whether they are “now right wing”, accusing the party of being “socialist leaning under Cameron, May & Johnson”.
The donor also added that Rishi Sunak was “just fire fighting the terrible legacy created by the governments since 2000”.
Peter Hargreaves is a shareholder of Hargreaves Lansdown but is no longer a director or employee, and was ranked 93rd on the most recent Sunday Times Rich List with an estimated worth of £1.843bn.
