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Tory peer to 'pledge half his £1.2bn fortune to charity'

Lord Michael Ashcroft chats with London Mayor Boris Johnson at 2012's Spectator Magazine's Parliamentarian of the Year Awards. Credit: Stefan Rousseau/PA Wire/Press Association Images

Tory peer and billionaire Lord Ashcroft is to pledge at least half of his £1.2bn fortune to charity, according to newspaper reports.

He will join a philanthropic movement led by Warren Buffett and Bill Gates, America’s two richest men, according to The Sunday Times.

The former Tory treasurer will next month sign up to the Giving Pledge, a public commitment by billionaires to give away the majority of their wealth.

Lord Ashcroft has given the party £10m but will not help to fund its general election campaign.

Tory donor Ashcroft withholds funds for next election

Lord Ashcroft Credit: James Edgar/PA Wire/Press Association Images

A peer who spent £10m of his own money funding the Conservative party has declared he will withhold his funding for the next general election campaign, reports the Sunday Times.

Lord Ashcroft, whose funding played a key role in Tory efforts to in marginal seats during the 2010 general election, has told friends he is not willing to donate further for a new Conservative party campaign.