David Freud
Encyclopedia
David Anthony Freud, Baron Freud (born June 1950) is a British
journalist
, businessman and welfare
adviser and is a Parliamentary Under Secretary of State for Work and Pensions. He is a great grandson
of Sigmund Freud
, and son of Annette Krarup and Walter Freud.
, an independent school
in Croydon
in south London, followed by Merton College
at the University of Oxford
.
as a journalist, where he spent four years writing the Lex column. In 1983 he was hired by the firm then known as Rowe & Pitman. He worked on more than 50 deals, raising more than £50bn in 19 countries. Many were high profile, including the flotations
of Eurotunnel
and EuroDisney, while he orchestrated the rescue of the Channel Tunnel railway link and National Air Traffic Services. His role in the deals, earned him a great deal of publicity and occasionally criticism. By 2003, Freud had become the vice-chairman of investing banking at the firm, now known as UBS AG
. He retired early at the age 53, claiming boredom with the City
. He later served as the chief executive of the Portland Trust, which aims to promote the peace process through economic means in Palestine and Israel.
In late 2006, Freud was appointed by the then Prime Minister
, Tony Blair
, to provide an independent review of the British welfare to work system
. His recommendations called for expanded private sector
involvement in the welfare system for substantial resources to be found to help those on Incapacity Benefit back into economic activity and for single parents to be required to work earlier. While his recommendations on single parents were immediately adopted and speeded up, when Gordon Brown
became Prime Minister in June 2007, other restructuring measures were soft-pedalled. He was later rehired as an adviser to the government when James Purnell
was appointed Secretary of State for Work and Pensions
in 2008. He worked to produce a white paper
, published in December 2008, which would require most people receiving benefits either to participate in some form of employment or prepare formally to find work later.
In February 2009, Freud joined the opposition Conservative Party
. He was given a life peer
age as Baron Freud, of Eastry
in the county of Kent
, and became a shadow minister for welfare in the House of Lords
.
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...
journalist
Journalist
A journalist collects and distributes news and other information. A journalist's work is referred to as journalism.A reporter is a type of journalist who researchs, writes, and reports on information to be presented in mass media, including print media , electronic media , and digital media A...
, businessman and welfare
Welfare state
A welfare state is a "concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those...
adviser and is a Parliamentary Under Secretary of State for Work and Pensions. He is a great grandson
Freud family
The family of Sigmund Freud, the pioneer of psychoanalysis, lived in Austria and Germany until the 1930s before emigrating to England, Canada and the United States...
of Sigmund Freud
Sigmund Freud
Sigmund Freud , born Sigismund Schlomo Freud , was an Austrian neurologist who founded the discipline of psychoanalysis...
, and son of Annette Krarup and Walter Freud.
Education
Freud was educated at Whitgift SchoolWhitgift School
Whitgift School is an independent day school educating approximately 1,400 boys aged 10 to 18 in South Croydon, London in a parkland site.- History and grounds :...
, an independent school
Independent school
An independent school is a school that is independent in its finances and governance; it is not dependent upon national or local government for financing its operations, nor reliant on taxpayer contributions, and is instead funded by a combination of tuition charges, gifts, and in some cases the...
in Croydon
Croydon
Croydon is a town in South London, England, located within the London Borough of Croydon to which it gives its name. It is situated south of Charing Cross...
in south London, followed by Merton College
Merton College, Oxford
Merton College is one of the constituent colleges of the University of Oxford in England. Its foundation can be traced back to the 1260s when Walter de Merton, chancellor to Henry III and later to Edward I, first drew up statutes for an independent academic community and established endowments to...
at the University of Oxford
University of Oxford
The University of Oxford is a university located in Oxford, United Kingdom. It is the second-oldest surviving university in the world and the oldest in the English-speaking world. Although its exact date of foundation is unclear, there is evidence of teaching as far back as 1096...
.
Life and career
Freud first worked for the Financial TimesFinancial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
as a journalist, where he spent four years writing the Lex column. In 1983 he was hired by the firm then known as Rowe & Pitman. He worked on more than 50 deals, raising more than £50bn in 19 countries. Many were high profile, including the flotations
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of Eurotunnel
Eurotunnel
Groupe Eurotunnel S.A. manages and operates the Channel Tunnel between Britain and France. The Company operates the car shuttle services and earns revenue on other trains passing through the tunnel...
and EuroDisney, while he orchestrated the rescue of the Channel Tunnel railway link and National Air Traffic Services. His role in the deals, earned him a great deal of publicity and occasionally criticism. By 2003, Freud had become the vice-chairman of investing banking at the firm, now known as UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
. He retired early at the age 53, claiming boredom with the City
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
. He later served as the chief executive of the Portland Trust, which aims to promote the peace process through economic means in Palestine and Israel.
In late 2006, Freud was appointed by the then Prime Minister
Prime Minister of the United Kingdom
The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and...
, Tony Blair
Tony Blair
Anthony Charles Lynton Blair is a former British Labour Party politician who served as the Prime Minister of the United Kingdom from 2 May 1997 to 27 June 2007. He was the Member of Parliament for Sedgefield from 1983 to 2007 and Leader of the Labour Party from 1994 to 2007...
, to provide an independent review of the British welfare to work system
Workfare
Workfare is an alternative model to conventional social welfare systems. The term was first introduced by civil rights leader James Charles Evers in 1968; however, it was popularized by Richard Nixon in a televised speech August 1969...
. His recommendations called for expanded private sector
Private sector
In economics, the private sector is that part of the economy, sometimes referred to as the citizen sector, which is run by private individuals or groups, usually as a means of enterprise for profit, and is not controlled by the state...
involvement in the welfare system for substantial resources to be found to help those on Incapacity Benefit back into economic activity and for single parents to be required to work earlier. While his recommendations on single parents were immediately adopted and speeded up, when Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
became Prime Minister in June 2007, other restructuring measures were soft-pedalled. He was later rehired as an adviser to the government when James Purnell
James Purnell
James Mark Dakin Purnell is a British Labour Party politician, who was the Member of Parliament for Stalybridge and Hyde from 2001 to 2010. He is currently the Head of the Open Left project at the left leaning think tank Demos...
was appointed Secretary of State for Work and Pensions
Secretary of State for Work and Pensions
The Secretary of State for Work and Pensions is a post in the British Cabinet, responsible for the Department for Work and Pensions. It was created on 8 June 2001 by the merger of the Employment part of the Department for Education and Employment and the Department of Social Security.The Ministry...
in 2008. He worked to produce a white paper
White paper
A white paper is an authoritative report or guide that helps solve a problem. White papers are used to educate readers and help people make decisions, and are often requested and used in politics, policy, business, and technical fields. In commercial use, the term has also come to refer to...
, published in December 2008, which would require most people receiving benefits either to participate in some form of employment or prepare formally to find work later.
In February 2009, Freud joined the opposition 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...
. He was given a life peer
Life peer
In the United Kingdom, life peers are appointed members of the Peerage whose titles cannot be inherited. Nowadays life peerages, always of baronial rank, are created under the Life Peerages Act 1958 and entitle the holders to seats in the House of Lords, presuming they meet qualifications such as...
age as Baron Freud, of Eastry
Eastry
Eastry is a civil parish and remote, yet historically significant village four kilometres SW of Sandwich, in Kent, that was voted "Kent Village of the Year 2005".-Etymology:...
in the county of Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
, and became a shadow minister for welfare in the House of Lords
House of Lords
The House of Lords is the upper house of the Parliament of the United Kingdom. Like the House of Commons, it meets in the Palace of Westminster....
.