Proud mother Mrs Margaret Lupton has spoken of her pride at her wealthy banker son’s elevation to the peerage, and has dismissed the sniping that labelled him a “fat cat”.
James Lupton, originally from Waddington and a former pupil of Moorland Schhol, will soon become Lord Lupton of Lovington after David Cameron decided to make him one of 30 new peers.
Labour MPs accused the Prime Minister of cronyism, and the Daily Mirror and Daily Mail pointed out that Mr Lupton, former co-treasurer and now treasurer of the Conservatives, had donated £2.5m. to the party since 2009. The Mirror headlined him as a “fat cat banker crony”.
But Mr Lupton’s widowed mother, who lives in Waddington, replied: “It’s very unfair and typical of those papers. It was just a 10-day wonder.
“James has worked extremely hard all through his adult life and has done a lot philanthropically that has remained unheard of. When he donates money he prefers to do it privately.
“He put out a rebuttal which has been published.”
Mrs Lupton added that his elder brothers, Jonathan and Christopher, were “thrilled and delighted” for him and added: “We’re all very proud of him and looking forward to him receiving his letters patent, when he becomes a Lord.”
Father-of-four Mr Lupton (60) was born in Clitheroe and the family moved to Waddington when he was four. His father, Alec, was chairman and managing director of the textile engineers Lupton Brothers, Accrington.
After Moorland, he went to Sedbergh School then Lincoln College, Oxford, and after qualifying as a solicitor in 1979, he started a career in corporate finance. In 1998 he co-founded Greenhill London, an international corporate advisory firm.
He is a trustee of the British Museum, and in 2013 formed a charitable foundation, The Lovington Foundation, to promote arts education and social welfare. He has donated about £4m. to charity over the past 10 years.