William Piercy, 1st Baron Piercy
Encyclopedia
William Piercy, 1st Baron Piercy CBE
(7 February 1886-7 July 1966), was a British
economist, civil servant, businessman and financier. He is best remembered as Chairman of the Industrial & Commercial Finance Corporation from 1945 to 1964.
, Middlesex
, and his second wife Mary Ann Margaret (née Heaford). His father was killed in an industrial accident in 1893. Piercy was educated locally, but left school at the age of twelve to join Pharaoh Gane, timber brokers, as an office boy. He studied at night and in 1910, aged 24, he became a full-time undergraduate student at the London School of Economics
. He graduated B.Sc. in 1914 and was for a time a lecturer in history and public administration at the school.
, was a member of the Allied Provisions Export Commission and a director of the Ministry of Food. For his services he was made a CBE
in 1919. After the war he became trading general manager of Harrisons & Crosfield Ltd and joint managing director of Pharaoh Gane and in the early 1930's he was one of the organisers of the first unit trusts
. Between 1934 and 1942 he was a member of the London Stock Exchange
. During the Second World War he rendered the government great service, notably as head of the British Petroleum Mission in Washington D.C., as principal assistant secretary in the Ministry of Supply
and the Ministry of Aircraft Production and as personal assistant to the Deputy Prime Minister
Clement Attlee
. In November 1945 he was raised to the peerage as Baron Piercy, of Burford in the County of Oxford.
From 1945 to 1964 Piercy served as Chairman of the Industrial & Commercial Finance Corporation which was set up to provide means to smaller businesses in the United Kingdom. He was also a director of the Bank of England
from 1946 to 1956 and chairman of the Wellcome Trust
from 1960 to 1965. He also served as President of the Royal Statistical Society
from 1954 to 1955.
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
(7 February 1886-7 July 1966), was a British
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...
economist, civil servant, businessman and financier. He is best remembered as Chairman of the Industrial & Commercial Finance Corporation from 1945 to 1964.
Early life
Piercy was the only son of Edward Piercy, of HoxtonHoxton
Hoxton is an area in the London Borough of Hackney, immediately north of the financial district of the City of London. The area of Hoxton is bordered by Regent's Canal on the north side, Wharf Road and City Road on the west, Old Street on the south, and Kingsland Road on the east.Hoxton is also a...
, Middlesex
Middlesex
Middlesex is one of the historic counties of England and the second smallest by area. The low-lying county contained the wealthy and politically independent City of London on its southern boundary and was dominated by it from a very early time...
, and his second wife Mary Ann Margaret (née Heaford). His father was killed in an industrial accident in 1893. Piercy was educated locally, but left school at the age of twelve to join Pharaoh Gane, timber brokers, as an office boy. He studied at night and in 1910, aged 24, he became a full-time undergraduate student at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
. He graduated B.Sc. in 1914 and was for a time a lecturer in history and public administration at the school.
Career
During the First World War Piercy worked for the Inland RevenueInland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty...
, was a member of the Allied Provisions Export Commission and a director of the Ministry of Food. For his services he was made a CBE
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
in 1919. After the war he became trading general manager of Harrisons & Crosfield Ltd and joint managing director of Pharaoh Gane and in the early 1930's he was one of the organisers of the first unit trusts
Unit trust
A unit trust is a form of collective investment constituted under a trust deed.Found in Australia, Ireland, the Isle of Man, Jersey, New Zealand, South Africa, Singapore, Malaysia and the UK, unit trusts offer access to a wide range of securities....
. Between 1934 and 1942 he was a member of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. During the Second World War he rendered the government great service, notably as head of the British Petroleum Mission in Washington D.C., as principal assistant secretary in the Ministry of Supply
Ministry of Supply
The Ministry of Supply was a department of the UK Government formed in 1939 to co-ordinate the supply of equipment to all three British armed forces, headed by the Minister of Supply. There was, however, a separate ministry responsible for aircraft production and the Admiralty retained...
and the Ministry of Aircraft Production and as personal assistant to the Deputy Prime Minister
Deputy Prime Minister of the United Kingdom
The Deputy Prime Minister of the United Kingdom of Great Britain and Northern Ireland is a senior member of the Cabinet of the United Kingdom. The office of the Deputy Prime Minister is not a permanent position, existing only at the discretion of the Prime Minister, who may appoint to other offices...
Clement Attlee
Clement Attlee
Clement Richard Attlee, 1st Earl Attlee, KG, OM, CH, PC, FRS was a British Labour politician who served as the Prime Minister of the United Kingdom from 1945 to 1951, and as the Leader of the Labour Party from 1935 to 1955...
. In November 1945 he was raised to the peerage as Baron Piercy, of Burford in the County of Oxford.
From 1945 to 1964 Piercy served as Chairman of the Industrial & Commercial Finance Corporation which was set up to provide means to smaller businesses in the United Kingdom. He was also a director of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
from 1946 to 1956 and chairman of the Wellcome Trust
Wellcome Trust
The Wellcome Trust was established in 1936 as an independent charity funding research to improve human and animal health. With an endowment of around £13.9 billion, it is the United Kingdom's largest non-governmental source of funds for biomedical research...
from 1960 to 1965. He also served as President of the Royal Statistical Society
President of the Royal Statistical Society
The President of the Royal Statistical Society is the head of the Royal Statistical Society , elected biannually by the Fellows of the Society. ....
from 1954 to 1955.
Family
Lord Piercy married, firstly, Mary Louisa, daughter of Thomas Henry William Pelham, in 1915. They had one son and three daughters. After his first wife's death in 1953 he married, secondly, Veronica, daughter of Mrs Ann Warham, in 1964. He died in July 1966, aged 80, and was succeeded in the barony by his only son Nicholas.External links
- Catalogue of the Piercy papers at the Archives Division of the London School of EconomicsLondon School of EconomicsThe London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
.