Stuart Wheeler

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Wheeler in 2009

Stuart Wheeler (born 31 January 1935) is a British businessman and politician. He made his fortune as the founder of the spread betting firm IG Index in 1974, but is best known for his political activism,[1] being formerly a major donor to the Conservative Party and, since 2011, treasurer of the United Kingdom Independence Party.[2]

Business life

Wheeler was educated at Eton College. He did his National Service with the Welsh Guards, before studying at Christ Church, Oxford, from where he graduated with a second-class degree in law.[3] He practised law as a barrister, before becoming an investment banker. However, Wheeler found his niche through IG Index, which pioneered spread betting. Originally, the company was launched to allow Britons to speculate on gold, when foreign exchange controls made it exorbitantly expensive to actually buy it.[3]

By 2008 sales of his shares in IG Index has made Wheeler one of the 2,000 wealthiest people in the United Kingdom according to the Sunday Times Rich List, with a fortune of £40m.[4] Although he is a new entrant on the list, Wheeler had previously publicly stated his worth as being £90m.[3] As part of his retreat from business, Wheeler spent £7.3m, windfall from the sale of his third tranche of shares in IG Group, on buying the Grade I listed Jacobean Chilham Castle, in Kent.[5] He subsequently sold the rest of his shares, due in part to the cost of renovating the castle.[4]

Politics

Conservative Party

Although a successful businessman, Wheeler was not a well-known figure nationally until he donated £5m to the Conservative Party during the 2001 election campaign.[1] This was, and remains, the largest single donation ever made to a political party in the United Kingdom.

In January 2008, Wheeler brought an action against the government, represented by the Prime Minister, Gordon Brown, and the Foreign Secretary, David Miliband, over the government's process of ratification of the Treaty of Lisbon.[6][7] The action sought to prevent the government from completing ratification of the treaty, on the grounds that it was illegal for a government to breach the public's legitimate expectation of adherence to manifesto and other commitments.[7] The government, along with the Conservatives and Liberal Democrats, had pledged in their 2005 manifestos to hold a referendum on the European Constitution, which Wheeler holds does not have 'significant or material differences' from the Treaty of Lisbon. This action failed.[7][8]

Wheeler was seen as belonging to the right-wing of the Conservative Party.[9] He supported Liam Fox in the 2005 leadership contest, and switched his support to David Davis against David Cameron in the final run-off.[9] He was initially critical of the leadership of David Cameron during its first few months.[9]

UKIP donor

On 28 March 2009, Wheeler donated £100,000 to the United Kingdom Independence Party (UKIP) after criticising David Cameron's stance towards the Lisbon treaty and the European Union. He said, "If they kick me out I will understand. I will be very sorry about it but it won't alter my stance."[10] The following day he was expelled from the Conservative Party.[11]

The Trust Party

On 29 March 2010, Wheeler announced that he was forming a new political party to be called the Trust Party and that he would run for the Bexhill and Battle seat. The seat was won by Gregory Barker for the Conservatives, but Wheeler polled 4.9% and therefore only narrowly lost his deposit. The new party also fielded a candidate in Perth and North Perthshire, where it won 1.1% of the vote.[12]

UKIP Treasurer

In 2011 Wheeler was appointed treasurer of UKIP to spearhead fundraising in advance of the 2014 European elections. His appointment was seen as a blow for the Conservatives because of his network of contacts.[2] Party leader Nigel Farage said the move would enable the party to "raise serious money" as a lack of funds was "holding them back".[13]

Personal life

Wheeler has been called an 'obsessive' gambler,[1][14][15] taking a keen interest in card and risk games and having played bridge with Lord Lucan two days before his disappearance, and with Omar Sharif,[3] as well as being a regular competitor in the World Poker Championship.[1]

He is married to the photographer Tessa Codrington, by whom he has three daughters, including model Jacquetta Wheeler.[3]

Footnotes

  1. ↑ 1.0 1.1 1.2 1.3 Parkinson, Gary (14 March 2002). "Spread betting boss throws in his hand". The Daily Telegraph (London). Retrieved 20 June 2008. 
  2. ↑ 2.0 2.1 Woodhouse, Craig (10 January 2011). "Former Tory donor named as Ukip's new treasurer". London Evening Standard.
  3. ↑ 3.0 3.1 3.2 3.3 3.4 "Stuart Wheeler: £5 million man". BBC News. 18 January 2001. Retrieved 20 June 2008. 
  4. ↑ 4.0 4.1 "Stuart Wheeler". Sunday Times Rich List. The Times. 27 April 2008. Retrieved 20 June 2008. 
  5. ↑ Litterick, David (23 July 2002). "Spread betting buys spread in the country". The Daily Telegraph (London). Retrieved 20 June 2008. 
  6. ↑ R (John Stuart Wheeler) v Office of the Prime Minister and Secretary of State for Foreign and Commonwealth Affairs [2008] EWHC 936 (Admin)
  7. ↑ 7.0 7.1 7.2 "Court challenge to EU referendum". BBC News. 2 May 2008. Retrieved 20 June 2008. 
  8. ↑ R (Wheeler) v Prime Minister and Foreign Secretary [2008] EWHC 1409 (Admin)
  9. ↑ 9.0 9.1 9.2 Jones, George (22 February 2006). "£5m donor accuses Cameron of education U-turn". The Daily Telegraph (London). Retrieved 20 June 2008. 
  10. ↑ Coates, Sam (29 March 2009). "Tory donor Stuart Wheeler faces expulsion over UKIP support". The Times (London).  (subscription required)
  11. ↑ Coates, Sam (30 March 2009). "Tory donor who gave £100,000 to UKIP will be expelled from party". The Times (London).  (subscription required)
  12. ↑ "His Trust Party is to field a second candidate, accountant Douglas Taylor, against Scottish Nationalist MP Pete Wishart in Perth". Daily Mail (London). 28 March 2010. Retrieved 30 March 2010. 
  13. ↑ Martin, Daniel; Narain, Jaya (10 January 2011). "Former Tory donor who gave party £5m becomes treasurer of UKIP". Daily Mail (London).
  14. ↑ Jagger, Suzy (27 December 2001). "Wheeler fortune". Daily Mirror (London). 
  15. ↑ "Tim Howkins - Spread your bets". Accountancy Age. 4 April 2002. 

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