Official portrait of Lord Freud crop 2. He is a former Minister of State for Welfare Reform in freud PDF Conservative Government of the United Kingdom.
Freud is the son of Walter Freud and a great-grandson of the physician and pioneering psychoanalyst Sigmund Freud. After starting out at the Western Mail, Freud worked at the Financial Times for eight years as a journalist. Later, he worked for S G Warburg, which was taken over by UBS. He was vice-chairman of investment banking at UBS before he retired. His book Freud in the City describes his life as a merchant banker.
In 2006, Freud was asked by Tony Blair to review the UK’s welfare-to-work system. Given the active labour market policies now pursued in the UK, there is a close link between effective expenditure on employment programmes and expenditure on working age benefits. His ideas foreshadowed the Work Programme and Universal Credit. The Daily Telegraph has claimed that « many of ideas fell victim to the fierce infighting between Mr Blair, the then Prime Minister, and Gordon Brown, his Chancellor ». In 2008, during the banking crisis that had begun the previous year, Freud became a formal adviser to the New Labour government led by Gordon Brown. The Daily Telegraph said Freud was then asked to « help implement nothing less than a revolution in the welfare state » after a « sea change in Labour’s thinking about the benefits system ». His ideas were incorporated into a White Paper published later that year.
By February 2009 the BBC was referring to him as Sir David Freud, at which point he announced that he would switch to working with the Conservatives – the culmination of what The Guardian described as a « tug of war » between the two main political parties over Freud. In 2012, he outlined some of his thoughts on welfare reform in an interview by saying: « People who are poorer should be prepared to take the biggest risks, they’ve got least to lose. We have, through our welfare system, created a system which has made them reluctant to take risks, so we need to turn that on its head and make the system predictable so that people will take those risks ». In 2014, Labour MPs called for Freud’s resignation after he was secretly recorded responding to a question posed at a fringe meeting of the Conservative Party conference. The question was whether some people with disabilities should work for a token sum in order to enjoy the non-financial advantages of engaging in the world of work, perhaps with their wages topped up by benefit payments. After the Conservatives won the general election in May 2015, Freud was promoted to Minister of State at the DWP, where he was given an enhanced role in overseeing the expansion of the Universal Credit scheme.
Along with the late Sir Martin Gilbert, Freud has acted as a long-term trustee of the Portland Trust, a not-for-profit London-based foundation set up to promote co-operation between Israel and Palestine through economic development. Universal Credit minister Lord Freud announces retirement from Government ». Lord Freud: former City banker with a reputation for gaffes ». Welfare is a mess, says adviser David Freud ». Purnell’s welfare reform adviser defects to the Conservatives ».