UK Tory Leadership Race: Who Are Family Offices Backing?

With the Conservative Party deemed the ‘party of the billionaire’ due to its 48 billionaire donors, the question in this leadership race is not if UK Family Offices are backing a Conservative win but more, who has their trust to run the party and it seems there is one clear winner.

The ‘billionaire party’ name was coined in 2019 when it was revealed that one third of the UK’s richest people had donated to the Tories that year with a combined net wealth of £154.4BN and donations of more than £50BN.

It resurfaced in June of this year when much of the party were publicly calling into question their confidence in Boris Johnson as Prime Minister. The super-rich came together once more, this time to pledge their unconditional support for Johnson in an exclusive letter to The Sun.

The group led by Lord Bamford, Sir Tony Gallagher, David Ross, Simon Reuben and Howard Shore wrote of the tough but necessary decisions that Boris Johnson took in the role of Prime Minister and how he got the ‘big calls’ right. They also stated that ‘the Prime Minister’s instincts allowed us to restore our freedoms rapidly’ and his actions means that ‘the British Economy is leading the way’ ending by giving their unwavering support for Boris Johnson.

Now resigned however and the attention of the billionaire party is being redirected to one person: Liz Truss.

Lord Bamford who penned the letter to The Sun has openly backed Liz Truss in the Tory Leadership race, praising her for her plans to ‘reward British people for working hard’.

The chairman of JCB, the construction equipment company, said he was supporting the Foreign Secretary in her bid for Prime Minister due to her “extensive experience” in international affairs.

In August he said: “At a time when geopolitical tensions and economic uncertainties are high on the political agenda, we need a Conservative leader with extensive experience, particularly on the international stage. Liz Truss delivered more than 60 trade agreements by the time Brexit was done, and she has done more than most to hold Russia to account following its invasion of Ukraine.”

Lord Bamford also cited Liz Truss’s pledge to cut UK taxes and how it will reward hard-working British people. Truss has since promised to not introduce any new taxes during her term and said she will scrap a planned rise in corporation tax – set to increase from 19% to 25% in 2023.

Truss Wants to create new “low-tax and low-regulation zones” across the country to create hubs for innovation and enterprise. Something Family Offices can certainly get behind.

Rishi Sunak has gained billionaire status and so on the other hand could offer Family Offices safety in the knowledge that the likes of a billionaire tax is out of the question. Something he dismissed earlier in the year however this does not seem as though it is enough of a pull to get the Family Office seal of approval with votes swaying against him.

Is Lord Bamford’s feeling representative of your Family Office? Join the conversation and let us know who your Family Office is supporting in today's Tory Leadership race.