William Hopper (politician)
Encyclopedia
William Joseph Hopper, sometimes known as Will Hopper (born 9 August 1929) is a British
investment banker who also became involved in the political field. He was one of the founders of the Institute for Fiscal Studies
, a non-partisan research institute which offers comment on the economic impact of political proposals. Hopper himself enjoyed a brief political career as a Member of the European Parliament
for the Conservative Party
.
where he attended Langside Elementary School followed by Queen's Park Secondary School. He went to the University of Glasgow
to read modern languages, and graduated with a 1st Class Master of Arts
degree in 1953. He served in the Royal Air Force
with the rank of Pilot Officer
in the education branch from 1953 to 1955.
in New York
to work as a financial analyst. After three years, he returned to Britain to be London office manager of H Hentz & Co, who were members of the New York Stock Exchange
. After six years he became general manager of S. G. Warburg & Co Ltd, and three years after that he was made a Director of Hill Samuel
.
had been introduced in 1965, which all concerned thought had been disastrous. Over dinner in July 1968 the friends decided that what was needed was a non-partisan Institute which would research such proposals and report on them to the political world and the wider public; the Institute for Fiscal Studies
was formally launched on 21 May 1969 with Hopper as founder Chairman. The Institute also had undeclared objectives of improving procedures for changing taxation, and making taxation more rational. While at Hill Samuel, he became involved in examining the possibility of the Common Market
developing a Common Capital Market which might include the United Kingdom; he knew this would transform the operation of the London capital markets. In 1975, Hopper left Hill Samuel to become a director of Morgan Grenfell
. He was awarded the 'Deal of the Year' by Institutional Investor magazine in 1976 for his handling of a bond issue for the European Investment Bank
.
to criticise Chancellor of the Exchequer
Denis Healey
for threatening retaliation against companies who broke Government incomes policy
; Hopper considered that doing so was arbitrary and amounted to an abandonment of the rule of law. He asked rhetorically whether "liberal democracy [is] dead in the land of its birth?" For the 1979 European Parliament election, Hopper was chosen as the Conservative Party
candidate for Greater Manchester West, a constituency which included Bolton
, Salford
and Altrincham
. The constituency had had a Labour majority at the 1979 general election
but Hopper succeeded in scoring a surprise victory by 302 votes, which made it the narrowest win in the country.
. In November 1980 he made a speech on behalf of the European Democratic Group in which he urged that member states not adopt economic policies which were in competition with each other. He said that the European Monetary System
needed central supervision but should not concentrate on keeping currency exchange rates within narrow bands and instead make it difficult for member states to export unemployment to each other. The next month he criticised the government of Japan
for managing its exchange rates to promote exports, particularly of cars, which meant that there had never been fair competition.
for advocating a "ringfence" of exchange controls across the European Community, which Hopper described as "beguiling nonsense".
At the 1984 European Parliament election, Hopper's constituency underwent unwelcome boundary changes which removed Altrincham
and added Bury
. In addition, he was opposed by Barbara Castle
, the sitting Labour member for Greater Manchester North who was a very well known figure. Hopper was defeated for re-election by 37,698 votes.
in Canada
. His constituency connections in Manchester paid off when he was made a Director of the Manchester Ship Canal
Company from 1985 to 1987. He was executive chairman of Shire Trust Ltd from 1986 to 1991 and chairman of Robust Mouldings Ltd from 1986 to 1990; Hopper also served as an adviser to Yamaichi International (Europe) from 1986 to 1988. In 1996 he set up W J Hopper & Co Ltd, an investment banking company, of which he remains executive Chairman.
Outside of business Hopper has been involved in voluntary sector activities. He was a trustee of the National Hospital for Nervous Diseases
Development Trust from 1986 to 1990. He is a Unitarian
and was a member of the Committee of Management of Rosslyn Hill Unitarian Chapel
from 1995 to 2000, returning in 2004 (he served as chairman in 1995 to 1998). He was also a member of the London District and South Eastern Provincial Assembly of Unitarian and Free Christian Churches from 2000 to 2004.
in the United States
, called The Puritan Gift: Triumph, Collapse and Revival of an American Dream. A second hardback edition was published in 2008. In 2009 a paperback edition was published with the new subtitle: Reclaiming the American Dream amidst Global Financial Chaos.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
investment banker who also became involved in the political field. He was one of the founders of the Institute for Fiscal Studies
Institute for Fiscal Studies
The Institute for Fiscal Studies is an economic research institute based in London, United Kingdom which specialises in UK taxation and public policy...
, a non-partisan research institute which offers comment on the economic impact of political proposals. Hopper himself enjoyed a brief political career as a Member of the European Parliament
Member of the European Parliament
A Member of the European Parliament is a person who has been elected to the European Parliament. The name of MEPs differ in different languages, with terms such as europarliamentarian or eurodeputy being common in Romance language-speaking areas.When the European Parliament was first established,...
for the Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
.
Education
Hopper was brought up in GlasgowGlasgow
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...
where he attended Langside Elementary School followed by Queen's Park Secondary School. He went to the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
to read modern languages, and graduated with a 1st Class Master of Arts
Master of Arts (Scotland)
A Master of Arts in Scotland can refer to an undergraduate academic degree in humanities and social sciences awarded by the ancient universities of Scotland – the University of St Andrews, the University of Glasgow, the University of Aberdeen and the University of Edinburgh, while the University of...
degree in 1953. He served in the Royal Air Force
Royal Air Force
The Royal Air Force is the aerial warfare service branch of the British Armed Forces. Formed on 1 April 1918, it is the oldest independent air force in the world...
with the rank of Pilot Officer
Pilot Officer
Pilot officer is the lowest commissioned rank in the Royal Air Force and the air forces of many other Commonwealth countries. It ranks immediately below flying officer...
in the education branch from 1953 to 1955.
Business career
In 1956 Hopper joined W. R. Grace and CompanyW. R. Grace and Company
W. R. Grace and Company is a Columbia, Maryland, United States based chemical conglomerate.The company has two main divisions, Davison Chemicals and Performance Chemicals. The Davison unit makes chemical catalysts, refining catalysts, and silica-based products that let other companies make...
in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
to work as a financial analyst. After three years, he returned to Britain to be London office manager of H Hentz & Co, who were members of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
. After six years he became general manager of S. G. Warburg & Co Ltd, and three years after that he was made a Director of Hill Samuel
Hill Samuel
Hill Samuel is a wholly owned subsidiary of Lloyds TSB's Offshore Private Banking unit. It was formerly a leading British merchant bank and financial services firm before the takeover by TSB Group Plc. in 1987, which itself merged with Lloyds Bank to become Lloyds TSB in 1995.-History:In 1832,...
.
Institute for Fiscal Studies
Hopper had discussed with three friends, all of whom were professional finance employees, the way in which Capital Gains TaxCapital gains tax
A capital gains tax is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property...
had been introduced in 1965, which all concerned thought had been disastrous. Over dinner in July 1968 the friends decided that what was needed was a non-partisan Institute which would research such proposals and report on them to the political world and the wider public; the Institute for Fiscal Studies
Institute for Fiscal Studies
The Institute for Fiscal Studies is an economic research institute based in London, United Kingdom which specialises in UK taxation and public policy...
was formally launched on 21 May 1969 with Hopper as founder Chairman. The Institute also had undeclared objectives of improving procedures for changing taxation, and making taxation more rational. While at Hill Samuel, he became involved in examining the possibility of the Common Market
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
developing a Common Capital Market which might include the United Kingdom; he knew this would transform the operation of the London capital markets. In 1975, Hopper left Hill Samuel to become a director of Morgan Grenfell
Morgan, Grenfell & Co.
Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks.-History:...
. He was awarded the 'Deal of the Year' by Institutional Investor magazine in 1976 for his handling of a bond issue for the European Investment Bank
European Investment Bank
The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...
.
European Parliament
Hopper became increasingly involved in politics in the late 1970s. In August 1977 he wrote to The TimesThe Times
The Times is a British daily national newspaper, first published in London in 1785 under the title The Daily Universal Register . The Times and its sister paper The Sunday Times are published by Times Newspapers Limited, a subsidiary since 1981 of News International...
to criticise Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
Denis Healey
Denis Healey
Denis Winston Healey, Baron Healey CH, MBE, PC is a British Labour politician, who served as Secretary of State for Defence from 1964 to 1970 and Chancellor of the Exchequer from 1974 to 1979.-Early life:...
for threatening retaliation against companies who broke Government incomes policy
Incomes policy
Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually below market level.Incomes policies have often been resorted to during wartime...
; Hopper considered that doing so was arbitrary and amounted to an abandonment of the rule of law. He asked rhetorically whether "liberal democracy [is] dead in the land of its birth?" For the 1979 European Parliament election, Hopper was chosen as the Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
candidate for Greater Manchester West, a constituency which included Bolton
Bolton
Bolton is a town in Greater Manchester, in the North West of England. Close to the West Pennine Moors, it is north west of the city of Manchester. Bolton is surrounded by several smaller towns and villages which together form the Metropolitan Borough of Bolton, of which Bolton is the...
, Salford
County Borough of Salford
Salford was, from 1844 to 1974, a local government district in the northwest of England, coterminate with Salford. It was granted city status in 1926.-Free Borough and Police Commissioners:...
and Altrincham
Altrincham
Altrincham is a market town within the Metropolitan Borough of Trafford, in Greater Manchester, England. It lies on flat ground south of the River Mersey about southwest of Manchester city centre, south-southwest of Sale and east of Warrington...
. The constituency had had a Labour majority at the 1979 general election
United Kingdom general election, 1979
The United Kingdom general election of 1979 was held on 3 May 1979 to elect 635 members to the British House of Commons. The Conservative Party, led by Margaret Thatcher ousted the incumbent Labour government of James Callaghan with a parliamentary majority of 43 seats...
but Hopper succeeded in scoring a surprise victory by 302 votes, which made it the narrowest win in the country.
Monetary union
Hopper specialised in economic policy at the European ParliamentEuropean Parliament
The European Parliament is the directly elected parliamentary institution of the European Union . Together with the Council of the European Union and the Commission, it exercises the legislative function of the EU and it has been described as one of the most powerful legislatures in the world...
. In November 1980 he made a speech on behalf of the European Democratic Group in which he urged that member states not adopt economic policies which were in competition with each other. He said that the European Monetary System
European Monetary System
There are three stages of monetary cooperation in the European Union.-Background:European currency exchange rate stability has been one of the most important objectives of European policy makers at least since the Second World War....
needed central supervision but should not concentrate on keeping currency exchange rates within narrow bands and instead make it difficult for member states to export unemployment to each other. The next month he criticised the government of Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
for managing its exchange rates to promote exports, particularly of cars, which meant that there had never been fair competition.
1981 budget
When 364 economists wrote to denounce the Conservative government's 1981 budget, Hopper defended the government by arguing that the group "had 364 different opinions" on an alternative policy, and that their call would lead to "fiscal stimulation which will end in renewed inflation and yet higher unemployment". Later that year he criticised Edward HeathEdward Heath
Sir Edward Richard George "Ted" Heath, KG, MBE, PC was a British Conservative politician who served as Prime Minister of the United Kingdom and as Leader of the Conservative Party ....
for advocating a "ringfence" of exchange controls across the European Community, which Hopper described as "beguiling nonsense".
At the 1984 European Parliament election, Hopper's constituency underwent unwelcome boundary changes which removed Altrincham
Altrincham
Altrincham is a market town within the Metropolitan Borough of Trafford, in Greater Manchester, England. It lies on flat ground south of the River Mersey about southwest of Manchester city centre, south-southwest of Sale and east of Warrington...
and added Bury
Bury
Bury is a town in Greater Manchester, England. It lies on the River Irwell, east of Bolton, west-southwest of Rochdale, and north-northwest of the city of Manchester...
. In addition, he was opposed by Barbara Castle
Barbara Castle
Barbara Anne Castle, Baroness Castle of Blackburn , PC, GCOT was a British Labour Party politician....
, the sitting Labour member for Greater Manchester North who was a very well known figure. Hopper was defeated for re-election by 37,698 votes.
Later career
Hopper had remained at Morgan Grenfell as an adviser while serving in the European Parliament, and he swiftly became a Director of Wharf Resources Ltd., a firm based in CalgaryCalgary
Calgary is a city in the Province of Alberta, Canada. It is located in the south of the province, in an area of foothills and prairie, approximately east of the front ranges of the Canadian Rockies...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. His constituency connections in Manchester paid off when he was made a Director of the Manchester Ship Canal
Manchester Ship Canal
The Manchester Ship Canal is a river navigation 36 miles long in the North West of England. Starting at the Mersey Estuary near Liverpool, it generally follows the original routes of the rivers Mersey and Irwell through the historic counties of Cheshire and Lancashire. Several sets of locks lift...
Company from 1985 to 1987. He was executive chairman of Shire Trust Ltd from 1986 to 1991 and chairman of Robust Mouldings Ltd from 1986 to 1990; Hopper also served as an adviser to Yamaichi International (Europe) from 1986 to 1988. In 1996 he set up W J Hopper & Co Ltd, an investment banking company, of which he remains executive Chairman.
Outside of business Hopper has been involved in voluntary sector activities. He was a trustee of the National Hospital for Nervous Diseases
National Hospital for Neurology and Neurosurgery
The National Hospital for Neurology and Neurosurgery is a neurological hospital in London, United Kingdom and part of the University College London Hospitals NHS Foundation Trust...
Development Trust from 1986 to 1990. He is a Unitarian
Unitarianism
Unitarianism is a Christian theological movement, named for its understanding of God as one person, in direct contrast to Trinitarianism which defines God as three persons coexisting consubstantially as one in being....
and was a member of the Committee of Management of Rosslyn Hill Unitarian Chapel
Rosslyn Hill Unitarian Chapel
The Rosslyn Hill Unitarian Chapel is a Unitarian chapel on Rosslyn Hill in Hampstead, London. It is a member of the General Assembly of Unitarian and Free Christian Churches, the umbrella organisation for British Unitarians....
from 1995 to 2000, returning in 2004 (he served as chairman in 1995 to 1998). He was also a member of the London District and South Eastern Provincial Assembly of Unitarian and Free Christian Churches from 2000 to 2004.
Puritan Gift
In 2006, he wrote with his brother a study of the Protestant work ethicProtestant work ethic
The Protestant work ethic is a concept in sociology, economics and history, attributable to the work of Max Weber...
in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, called The Puritan Gift: Triumph, Collapse and Revival of an American Dream. A second hardback edition was published in 2008. In 2009 a paperback edition was published with the new subtitle: Reclaiming the American Dream amidst Global Financial Chaos.