A MULTIMILLIONAIRE property developer from Oxfordshire who has donated hundreds of thousands of pounds to the Conservative Party has been knighted in the Queen’s birthday honours list.

Tony Gallagher, who is a friend of David Cameron, is honoured for 'services to land development and the property business'.

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The businessman is said to be part of the so-called 'Chipping Norton set' centred around the West Oxfordshire town in the former prime minister’s old constituency.

In 2016, he hosted a fiftieth birthday party for Mr Cameron at his Oxfordshire country mansion, Sarsden House – a 17th century listed building set in more than 400 acres of grounds.

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The two men reportedly came to know one another when Mr Cameron became the MP for Witney.

Since 2007 Mr Gallagher has donated more than £300,000 to the Conservatives.

Earlier this year, Boris Johnson registered a gift from Mr Gallagher of a 'sterling silver envelope' worth £780 following the birth of his son Wilfred.

Downing Street said later that the present had been entered on the parliamentary register in error and was being removed as the Prime Minister had opted to return it.