Arron Banks: Difference between revisions

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Banks was offered a junior job at the insurance market of [[Lloyd's of London]]. According to ''[[The Guardian]]'', by the age of 27, he was running a division of [[Norwich Union]]. The article also claims that he spent a year working for [[Berkshire Hathaway]], the investment company of [[Warren Buffett]].<ref>{{cite news |last=Booth |first=Robert |date=27 March 2016 |title=Arron Banks: the millionaire hoping to bankroll UK into Brexit |url=https://www.theguardian.com/politics/2016/mar/27/arron-banks-the-millionaire-hoping-to-bankroll-uk-into-brexit |newspaper=The Guardian |access-date=23 September 2016}}</ref> However, in another investigation,{{when|date=May 2023}} both Norwich Union and Warren Buffett reject Banks' claim that he worked for them.<ref name="openDemocracy-20171015">{{cite web |url=https://www.opendemocracy.net/uk/brexitinc/adam-ramsay/how-did-arron-banks-afford-brexit|title=How did Arron Banks afford Brexit?|date=16 October 2017|website=openDemocracy|language=en|access-date=24 October 2017}}</ref> Then, from an office above a bakery in [[Thornbury, Gloucestershire|Thornbury]], Gloucestershire, Banks started a motorcycle insurance broker, Motorcycle Direct, and within a few years the company was big enough to sell for "a few million". He used the money to found Commercial Vehicle Direct about which he says "within a very short period we were the largest van insurance company in the country".<ref name="globalreinsurance-20110817">{{cite news |last=East |first=Saxon |date=17 August 2011 |title=Arron Banks, Brightside |url=https://www.globalreinsurance.com/arron-banks-brightside/1392318.article |newspaper=globalreinsurance.com |access-date=23 September 2016 |archive-url=https://web.archive.org/web/20180617042752/https://www.globalreinsurance.com/arron-banks-brightside/1392318.article |archive-date=17 June 2018 |url-status=dead }}</ref><ref name="New Statesman 2016-10-13"/>

Over seven years, along with Australian business partner John Gannon, Banks expanded thisthe van insurance business to become Group Direct Limited, and in 2008 the company [[Initial public offering|floated]] by means of a [[reverse takeover]] as [[Brightside Group]]. He was its CEO from June 2011 to June 2012, at which time the company was listed on the [[Alternative Investment Market]] (AIM).<ref name="growthbusiness-20070515">{{cite news |url=http://www.growthbusiness.co.uk/the-entrepreneur/be-an-entrepreneur/255598/arron-banks-and-john-gannon-talk-about-serial-deal-making.thtml |title=Arron Banks and John Gannon talk about serial deal making |first=Andrew |last=Chilvers |newspaper=growthbusiness.co.uk |date=15 May 2007 |access-date=5 April 2016}}</ref><ref>{{cite web |title= Arron Fraser Andrew Banks |url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=24346118&ticker=MFX:LN&previousCapId=881464&previousTitle=MANX%20FINANCIAL%20GROUP%20PLC|website=[[Bloomberg Businessweek]]|access-date=2 October 2014}}{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}</ref><ref name="globalreinsurance-20110817"/> After Banks was dismissed from the company in 2012, he sold £6m worth of the shares in 2013, and received significantly more when the investment firm [[AnaCap Financial Partners]] bought Brightside the following year.<ref name="openDemocracy-20171015"/>

He was previously CEO of AIM-listed [[Conister|Manx Financial Group]] from April 2008 to February 2009.<ref name="growthbusiness-20070515"/> According''The toGuardian'' reported in 2014 that [[Companies House]] records, appeared to show that Banks hashad set up 37 different companies using slight variations of his name. The names used by Banks arewere Aron Fraser Andrew Banks, Arron Andrew Fraser Banks, Arron Fraser Andrew Banks and Arron Banks. The profiles for the first three names all useused the same date of birth but registerregistered different lists of companies. When asked by ''The Guardian'' about this in 2014, he declined to answer questions on the topic.<ref name=Syal>{{cite news |last=Syal |first=Rajeev |title=Ukip donor Arron Banks shows tax cheque sent to HMRC for £1.86m |url= https://www.theguardian.com/politics/2014/oct/04/ukip-donor-arron-banks-shows-tax-cheque-sent-hmrc|work=The Guardian |date=4 October 2014 |access-date=8 December 2016}}</ref>{{importance-inline|date=May 2023}}

Banks also owns [[Eldon Insurance]], whose CEO Elizabeth Bilney was also in charge at Leave.EU. The company's profits leapt to £16.7m for the first half of 2017 after recording a £284,000 profit in 2015 and a loss of £22,500 in 2016 despite a 40% increase in revenue. Banks said that Eldon's business had been transformed by the same [[AI]] technology used in the Brexit campaign.<ref>{{cite news|title=Revenue jumps at UKIP donor Arron Banks insurance business Eldon |url=httphttps://ukwww.businessinsider.com/revenue-ukip-donor-arron-banks-insurance-business-eldon-2017-10 |work=Business Insider |date=16 June 2018}}</ref> The [[Offshore investment|offshore]] [[holding company]] that controls Eldon Insurance is ICS Risk Solutions, which funds many of Banks' activities and has paid over £77m between 2015 and 2018 to prop up Southern Rock after Gibraltarian regulators found the business to be trading while technically insolvent.<ref>{{cite news |title=MPs call for police to investigate Arron Banks' links to Russia |url=https://www.theguardian.com/politics/2018/jun/10/arron-banks-mps-call-for-police-investigate-russia-links |work=The Guardian |date=10 June 2018}}</ref> As part of an agreement with the regulators Banks resigned his directorships at Eldon in 2013 and Southern Rock in 2014, also accepting a "period of ban or self-exclusion from other insurance directorships".<ref>{{cite news |first1=Cynthia |last1=O'Murchu |first2=Henry |last2=Mance |title=How the businesses of Brexit campaigner 'King' Arron Banks overlap |url=https://www.ft.com/content/8cddfeea-5c02-11e7-b553-e2df1b0c3220 |newspaper=The Economist|date=30 June 2017}}</ref>

Banks was previously a [[Conservative Party (UK)|Conservative Party]] donor but in October 2014 decided to donate £100,000 to UKIP. In response to comments from [[William Hague]] that Banks had not been a major Conservative donor in past years, and that Hague had never heard of Banks, Banks increased his donation to £1 million to the [[UK Independence Party]] (UKIP), directly referencing Hague's interview as his reasoning. Banks said that he had changed party allegiance because he agreesagreed with UKIP's policies and its view that the [[European Union]] "is holding the UK back" because it's a "[[closed shop]] for bankrupt countries".<ref name=BBCUKIP>{{cite news|title=Ex-Tory donor Arron Banks gives £1m to UKIP|url=https://www.bbc.co.uk/news/uk-politics-29438653|access-date=1 June 2016|work=BBC News|date=1 October 2014}}</ref><ref name="hague"/><ref name="BPUKIP">{{cite news|title=Bristol businessman ups UKIP donation to £1 million after Tory calls him a "nobody"|url=http://www.bristolpost.co.uk/Bristol-businessman-ups-UKIP-donation-1-million/story-23027035-detail/story.html|access-date=1 June 2016|newspaper=Bristol Post|date=1 October 2014|archive-url=https://web.archive.org/web/20150124041111/http://www.bristolpost.co.uk/Bristol-businessman-ups-UKIP-donation-1-million/story-23027035-detail/story.html#|archive-date=24 January 2015|url-status=dead}}</ref> Banks has been described as the "leading figure" behind the anti-EU [[Grassroots Out]] and [[Leave.EU]],<ref name="Wright2016">{{cite news|last1=Wright|first1=Oliver|title=Leave.EU group accused of avoiding strict rules on campaign spending|url=https://www.independent.co.uk/news/uk/politics/eu-referendum-leaveeu-group-accused-of-avoiding-strict-rules-on-campaign-spending-a6984941.html|access-date=1 June 2016|newspaper=[[The Independent]] |date=14 April 2016}}</ref> as well as the official [[Vote Leave]] campaign.<ref name="PEye1411">{{cite news |title=Sceptic Cranks |newspaper=[[Private Eye]] |issue=1411 |date=5 February 2016|page=13}}</ref><ref name=PEye1415>{{cite news |title=Rock & high rollers |url= http://www.private-eye.co.uk/issue-1415/hp-sauce |access-date=1 June 2016 |newspaper=Private Eye |issue=1415|date=1 April 2016 |archive-url= https://web.archive.org/web/20160417012144/http://www.private-eye.co.uk/issue-1415/hp-sauce |url-status=dead |archive-date=17 April 2016}}</ref>

In October 2014, Banks donated £1 million to the [[UK Independence Party]]<ref name="caesar"/><ref>{{cite news |title=Ex-Tory donor Arron Banks gives £1m to UKIP |url= https://www.bbc.co.uk/news/uk-politics-29438653 |publisher=BBC News |date=1 October 2014 |access-date=2 October 2014}}</ref> and has since raised the equivalent of $11 million for the party. Conservative MP [[William Hague]] had called Banks "somebody we haven't heard of" following his defection to UKIP.<ref name="caesar"/> In response, Banks increased his donation from £100,000 to £1 million, saying: "I woke up this morning intending to give £100,000 to UKIP -– then I heard Mr Hague's comment about me being a Mr Nobody. So in light of that I have decided to give £1 million."<ref name="BPUKIP" /> This donation was one of the largest sums of money ever received by UKIP.<ref name="Syal2014">{{cite news|last1=Syal|first1=Rajeev|title=Ukip donor has links to Belize and mining in southern Africa|url=https://www.theguardian.com/politics/2014/oct/02/ukip-donor-belize-mining-southern-africa|access-date=1 June 2016|newspaper=The Guardian|date=2 October 2014}}</ref> Banks also funded [[Leave.EU]] by the equivalent of $5 million, and has been seen as the financial backer of the [[Brexit]] campaign.<ref name="Erlanger-Freytas-tamura">{{cite news|last1=Erlanger|first1=Steven|last2=Freytas-tamura|first2=Kimiko De|title=Godfather of 'Brexit' Takes Aim at the British Establishment|url=https://www.nytimes.com/2017/01/20/world/europe/arron-banks-brexit-britain.html|work=The New York Times|date=20 January 2017}}</ref>

===Possibility of "rightwingright-wing Momentum"===

On 13 June 2022, Banks lostIn a defamation claim against the journalist [[Carole Cadwalladr]], Banks was awarded £35,000 in damages and 60% of his costs.<ref>{{cite news | url=https://pressgazette.co.uk/media_law/arron-banks-wins-carole-cadwalladr-libel-appeal/ | title=Arron Banks awarded £35,000 damages and 60% of his costs after Cadwalladr libel ruling appeal | work=Press Gazette | date=18 May 2023 }}</ref> Banks claimedsaid he was defamed after comments Cadwalladr made about his relationship with the Russian state.<ref>{{cite news | url=https://www.bbc.co.uk/news/uk-61782578 | title=Arron Banks loses Russia libel case against Carole Cadwalladr | work=BBC News | date=13 June 2022 }}</ref> ThisBanks legalinitially actionlost carriedhis outcase byin Banksthe wasHigh consideredCourt bybut 19partly presssucceeded freedomin organisationsthe toCourt beof Appeal. The Appeal Judges ruled he was due damages for a strategicTed lawsuitTalk againstgiven by Cadwalladr. While covered by a public participationinterest ([[SLAPP]])defence andwhen abuseit ofwas law.<ref>{{Citeoriginally webgiven, |title=Nineteenthat organisationsdefence reiteratefell theiraway supporton for29 CaroleApril Cadwalladr2020 aswhen shethe facesElectoral SLAPPCommission trialissued {{!}}a RSFstatement |url=https://rsf.org/en/nineteen-organisations-reiterate-their-support-carole-cadwalladr-she-faces-slapp-trialthat |access-date=20Banks Julydid 2022not commit any |website=rsfcriminal offence.org |language=en}}</ref>The However,Court onof 24Appeal June,found the views of the Ted Talk after this date caused Banks wasserious grantedharm, permission inhence the highdamages. courtAll toother appealpoints againstof the rulingappeal by Banks were dismissed.<ref>{{cite webnews | url=https://wwwpressgazette.theguardianco.com/uk-news/2022/jun/24media_law/arron-banks-permission-to-appeal-judgewins-carole-cadwalladr-libel-appeal/ | title=Arron Banks allowedawarded to£35,000 appealdamages overand lost60% libelof actionhis againstcosts Caroleafter Cadwalladr libel ruling appeal | websitework=[[TheGuardian.com]]Press Gazette | date=2418 JuneMay 20222023 }}</ref>

On 19 January 2017 (one day before [[First inauguration of Donald Trump|Donald Trump's inauguration]] as the [[45th President of the United States]]) Banks launched Westmonster alongside [[Michael Heaver]], former press adviser to [[Nigel Farage]].<ref name="Rajan-18Jan17a">{{cite news|last1=Rajan|first1=Amol|title=Arron Banks launches anti-establishment website|url=https://www.bbc.co.uk/news/entertainment-arts-38650596|work=[[BBC News]]|date=18 January 2017}}</ref><ref name="Jackson-19Jan17a">{{cite news|last1=Jackson|first1=Jasper|title=Arron Banks launches Breitbart-style site Westmonster|url=https://www.theguardian.com/media/2017/jan/19/arron-banks-launches-breitbart-style-site-westmonster|work=[[The Guardian]]|date=19 January 2017}}</ref> It is modelled on the right-wing US websites ''[[Breitbart News]]'' and the [[Drudge Report]] and claims to be "pro-Brexit, pro-Farage, pro-Trump, anti-establishment, anti-open borders, anti-corporatism".<ref>{{cite news|title=Westmonster: Arron Banks launches 'anti-establishment' website|url=http://www.theweek.co.uk/80681/westmonster-arron-banks-launches-anti-establishment-website|work=The Week UK|date=19 January 2017|language=en}}</ref><ref>{{cite news|last1=Rettman|first1=Andrew|title=Brexit men launch anti-EU website|url=https://euobserver.com/uk-referendum/136603|work=EU Observer|date=19 January 2017|language=en}}</ref> In the morning of 19 January, Westmonster's Twitter account had gained more than 2,500 followers.<ref name="Bulman-19Jan2017a">{{cite news|last1=Bulman|first1=May|title=Multimillionaire who funded Brexit campaign has launched a website to take on 'the establishment'|url=https://www.independent.co.uk/news/uk/home-news/arron-banks-ukip-donor-leave-eu-founder-launches-westmonster-ant-establsihment-populist-nigel-farage-a7534656.html|work=The Independent|date=19 January 2017}}</ref>