Lord Bamford, as he will become, was first proposed for the peerage by prime minister David Cameron in 2010 but he withdrew his nomination following a row over his personal tax arrangements.
JCB and the Bamford family have given close to £4m to the Conservative Party. They have also been active benefactors of non-political causes, including the NSPCC.
With over 6,000 employees in its 11 factories in the UK exporting over 75% of production, JCB generates export revenues of £1.35bn, making a positive contribution to the UK trade balance. A recent analysis by Oxford Economics calculated that JCB contributes £1.4bn to national GDP, £555m to the exchequer and 24,000 jobs overall to the UK economy.