Sir Trevor Chinn, a former backer of Tony Blair, has confirmed he is to join Boris Johnson’s Mayor’s Fund as chairman.

The fund will tap big business to fund community projects with the aim of stopping disadvantaged children turning to crime.

Speaking to The Times, Sir Trevor today called on the City’s elite to follow the lead of their American counterparts and give a greater proportion of their wealth to charity.

Sir Trevor, a former donor to the Labour Party, will fundraise for and administer the Mayor of London’s charitable fund, aimed at helping troubled youth in a bid to reduce the capital’s crime rates.

Sir Trevor, who has chaired firms including the RAC, AA and Kwik Fit, said that the upper echelons of society had a responsibility to help the poor. He said that he will approach big business to provide funding to communities that are facing hardship.

“A higher percentage of income and wealth is given in America than is given here,” he said, adding that he was struck by the generosity of businessman such as Bill Gates and Warren Buffett,” he said.

“Now, that doesn’t mean to say that there aren’t some very charitable people here – there are. And people who’ve created great charitable foundations.”

First on Sir Trevor’s hit-list for donations will be large financial institutions and major players in the financial district, although he said that Britain’s middle class had a role to play as well.

He is the latest in a string of Labour supporters, including the MP Kate Hoey, to join forces with Mr Johnson, who announced the appointment at the State of London debate tonight.

Mr Johnson said: “The Mayor’s Fund for London will be a charity that aims to get money from the wealth-creating sector to communities across London that are facing hardship. There are immense pockets of deprivation throughout the capital which cannot be ignored.”

Sir Trevor and several trustees will be responsible for the distribution of funds raised to various youth programmes throughout the capital. The trustees include hedge fund managers and former bank executives.

Sir Trevor said that while London was the richest city in Europe, it had “appalling” problems of overcrowding, unemployment, homelessness and child poverty.

The fund will formally launch late this year as an independent charitable company.

The other trustees are Lesley King-Lewis, a former Barclays executive and joint chief executive of Action on Addiction, Stanley Fink, non-executive deputy chairman of hedge fund manager Man Group plc, music industry fundraiser Wasfi Kani and Sir John Beckwith, who established the successful real estate company, the London and Edinburgh Trust PLC.

Times Recommends

• He stole my son, now I’m alone in hell
• Back on the air, but don’t mention Mugabe
• Ten kitchen gadget gift ideas