William Hopper

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 enjoyed a brief political career as a Member of the European Parliament (MEP) for the Conservative Party.

Education Hopper was brought up in Glasgow 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. 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. 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.

Monetary union Hopper specialised in economic policy at the European Parliament. 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.

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 Heath 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.

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 Calgary in Canada.

Puritan Gift In 2006, he wrote with his brother, Kenneth Hopper, a study of the Protestant work ethic 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. While writing a sequel, Hopper was targeted by fraudsters posing as bank staff and lost £1,000; he persuaded the fraudsters to give him £300 back for spending money, and eventually recouped his loss from his own bank, thereby making a profit.