Stuart Wheeler
Encyclopedia
Stuart Wheeler 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, being formerly a major donor to the Conservative Party
and since 2011, has been treasurer of the United Kingdom Independence Party
.
. He did his National Service with the Welsh Guards
, before studying at Oxford
, from where he graduated with a second-class degree
in law. 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.
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. Although he is a new entrant on the list, Wheeler had previously publicly stated his worth as being £90m. 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
. He subsequently sold the rest of his shares, due in part to the cost of renovating the castle.
during the 2001 election
campaign. 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 Prime Minister
Gordon Brown
and Foreign Secretary
David Miliband
, over the government's process of ratification of the Treaty of Lisbon
. 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. 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.
Wheeler was seen as belonging to the right-wing of the Conservative Party. He supported Liam Fox
in the 2005 leadership contest
, and switched his support to David Davis
against David Cameron in the final run-off. He was initially critical of the leadership of David Cameron
during its first few months.
(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." The following day he was expelled from the Conservative 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 they won 1.1% of the vote.
said the move would enable the party to "raise serious money" as a lack of funds was "holding them back".
with Lord Lucan
two days before his disappearance, and with Omar Sharif
, as well as being a regular competitor in the World Poker Championship.
He is married to the photographer Tessa Codrington, by whom he has three daughters, including model
Jacquetta Wheeler
.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
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, being formerly a major donor to the Conservative Party
Conservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
and since 2011, has been treasurer of the United Kingdom Independence Party
United Kingdom Independence Party
The United Kingdom Independence Party is a eurosceptic and right-wing populist political party in the United Kingdom. Whilst its primary goal is the UK's withdrawal from the European Union, the party has expanded beyond its single-issue image to develop a more comprehensive party platform.UKIP...
.
Business life
Wheeler was educated at Eton CollegeEton College
Eton College, often referred to simply as Eton, is a British independent school for boys aged 13 to 18. It was founded in 1440 by King Henry VI as "The King's College of Our Lady of Eton besides Wyndsor"....
. He did his National Service with the Welsh Guards
Welsh Guards
The Welsh Guards is an infantry regiment of the British Army, part of the Guards Division.-Creation :The Welsh Guards came into existence on 26 February 1915 by Royal Warrant of His Majesty King George V in order to include Wales in the national component to the Foot Guards, "..though the order...
, before studying at Oxford
University of Oxford
The University of Oxford is a university located in Oxford, United Kingdom. It is the second-oldest surviving university in the world and the oldest in the English-speaking world. Although its exact date of foundation is unclear, there is evidence of teaching as far back as 1096...
, from where he graduated with a second-class degree
British undergraduate degree classification
The British undergraduate degree classification system is a grading scheme for undergraduate degrees in the United Kingdom...
in law. He practised law as a barrister
Barrister
A barrister is a member of one of the two classes of lawyer found in many common law jurisdictions with split legal professions. Barristers specialise in courtroom advocacy, drafting legal pleadings and giving expert legal opinions...
, before becoming an investment banker
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
. However, Wheeler found his niche through IG Index, which pioneered spread betting
Spread betting
Spread betting is any of various types of wagering on the outcome of an event, where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome...
. Originally, the company was launched to allow Britons to speculate on gold
Gold as an investment
Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a hedge or harbor against economic, political, or social fiat currency crises...
, when foreign exchange controls
Foreign exchange controls
Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents.Common foreign exchange controls include:...
made it exorbitantly expensive to actually buy it.
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
Sunday Times Rich List
The Sunday Times Rich List is a list of the 1,000 wealthiest people or families in the United Kingdom, updated annually in April and published as a magazine supplement by British national Sunday newspaper The Sunday Times since 1989...
, with a fortune of £40m. Although he is a new entrant on the list, Wheeler had previously publicly stated his worth as being £90m. 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
Jacobean era
The Jacobean era refers to the period in English and Scottish history that coincides with the reign of King James VI of Scotland, who also inherited the crown of England in 1603 as James I...
Chilham Castle
Chilham Castle
Chilham Castle is a manor house and keep in the village of Chilham, between Ashford and Canterbury in the county of Kent, England. The polygonal Norman keep of the Castle, the oldest building in the village, dates from 1174; still inhabited, it was said to have been built for King Henry II...
, in Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
. He subsequently sold the rest of his shares, due in part to the cost of renovating the castle.
Conservative Party
Although a successful businessman, Wheeler was not a well-known figure nationally until he donated £5m to the Conservative PartyConservative Party (UK)
The Conservative Party, formally the Conservative and Unionist Party, is a centre-right political party in the United Kingdom that adheres to the philosophies of conservatism and British unionism. It is the largest political party in the UK, and is currently the largest single party in the House...
during the 2001 election
United Kingdom general election, 2001
The United Kingdom general election, 2001 was held on Thursday 7 June 2001 to elect 659 members to the British House of Commons. It was dubbed "the quiet landslide" by the media, as the Labour Party was re-elected with another landslide result and only suffered a net loss of 6 seats...
campaign. 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
Judicial review
Judicial review is the doctrine under which legislative and executive actions are subject to review by the judiciary. Specific courts with judicial review power must annul the acts of the state when it finds them incompatible with a higher authority...
against the government, represented by Prime Minister
Prime Minister of the United Kingdom
The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and...
Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
and Foreign Secretary
Secretary of State for Foreign and Commonwealth Affairs
The Secretary of State for Foreign and Commonwealth Affairs, commonly referred to as the Foreign Secretary, is a senior member of Her Majesty's Government heading the Foreign and Commonwealth Office and regarded as one of the Great Offices of State...
David Miliband
David Miliband
David Wright Miliband is a British Labour Party politician who has been the Member of Parliament for South Shields since 2001, and was the Secretary of State for Foreign and Commonwealth Affairs from 2007 to 2010. He is the elder son of the late Marxist theorist Ralph Miliband...
, over the government's process of ratification of the Treaty of Lisbon
Treaty of Lisbon
The Treaty of Lisbon of 1668 was a peace treaty between Portugal and Spain, concluded at Lisbon on 13 February 1668, through the mediation of England, in which Spain recognized the sovereignty of Portugal's new ruling dynasty, the House of Braganza....
. 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. The government, along with the Conservatives and Liberal Democrats
Liberal Democrats
The Liberal Democrats are a social liberal political party in the United Kingdom which supports constitutional and electoral reform, progressive taxation, wealth taxation, human rights laws, cultural liberalism, banking reform and civil liberties .The party was formed in 1988 by a merger of the...
, had pledged in their 2005
United Kingdom general election, 2005
The United Kingdom general election of 2005 was held on Thursday, 5 May 2005 to elect 646 members to the British House of Commons. The Labour Party under Tony Blair won its third consecutive victory, but with a majority of 66, reduced from 160....
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.
Wheeler was seen as belonging to the right-wing of the Conservative Party. He supported Liam Fox
Liam Fox
Liam Fox MP is a British Conservative politician, Member of Parliament for North Somerset, and former Secretary of State for Defence....
in the 2005 leadership contest
Conservative Party (UK) leadership election, 2005
The 2005 Conservative leadership election was called by party leader Michael Howard on 6 May 2005, when he announced that he would be stepping down as leader in the near future. However, he stated that he would not depart until a review of the rules for the leadership election had been conducted,...
, and switched his support to David Davis
David Davis (British politician)
David Michael Davis is a British Conservative Party politician who is the Member of Parliament for the constituency of Haltemprice and Howden...
against David Cameron in the final run-off. He was initially critical of the leadership of David Cameron
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....
during its first few months.
UKIP donor
On 28 March 2009, Wheeler donated £100,000 to the United Kingdom Independence PartyUnited Kingdom Independence Party
The United Kingdom Independence Party is a eurosceptic and right-wing populist political party in the United Kingdom. Whilst its primary goal is the UK's withdrawal from the European Union, the party has expanded beyond its single-issue image to develop a more comprehensive party platform.UKIP...
(UKIP) after criticising David Cameron
David Cameron
David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament ....
's stance towards the Lisbon treaty and the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
. He said, "If they kick me out I will understand. I will be very sorry about it but it won't alter my stance." The following day he was expelled from the Conservative Party.
The Trust Party
On 29 March 2010, Wheeler announced that he was forming a new political party to be called The Trust PartyTrust (political party)
Trust was a minor political party in the United Kingdom formed on 26 March 2010 by Stuart Wheeler in the wake of the Westminster expenses scandal...
and that he would run for the Bexhill and Battle seat. The seat was won by Gregory Barker
Gregory Barker
Gregory Leonard George "Greg" Barker is a British politician. A member of the Conservative Party, he currently serves as the Member of Parliament for Bexhill and Battle...
for the Conservatives, but Wheeler polled 4.9% and therefore only narrowly lost his deposit
Deposit (politics)
A deposit is a sum of money that a candidate must pay in return for the right to stand for election to certain political offices, particularly seats in legislatures.-United Kingdom:...
. The new party also fielded a candidate in Perth and North Perthshire, where they won 1.1% of the vote.
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. Party leader Nigel FarageNigel Farage
Nigel Paul Farage MEP , a position he previously held from September 2006 to November 2009. He is a current Member of the European Parliament for South East England and co-chairs the Eurosceptic Europe of Freedom and Democracy group....
said the move would enable the party to "raise serious money" as a lack of funds was "holding them back".
Personal life
Wheeler has been called an 'obsessive' gambler, taking a keen interest in card and risk games and having played bridgeContract bridge
Contract bridge, usually known simply as bridge, is a trick-taking card game using a standard deck of 52 playing cards played by four players in two competing partnerships with partners sitting opposite each other around a small table...
with Lord Lucan
Richard Bingham, 7th Earl of Lucan
Richard John Bingham, 7th Earl of Lucan , popularly known as Lord Lucan, as Lord Bingham before 1964, and sometimes colloquially called "Lucky" Lucan, was a British peer, who disappeared in the early hours of 8 November 1974, following the murder of Sandra Rivett, his children's nanny, the previous...
two days before his disappearance, and with Omar Sharif
Omar Sharif
Omar Sharif is an Egyptian actor who has starred in Hollywood films including Lawrence of Arabia, Doctor Zhivago and Funny Girl. He has been nominated for an Academy Award and has won two Golden Globe Awards.-Early life:...
, as well as being a regular competitor in the World Poker Championship.
He is married to the photographer Tessa Codrington, by whom he has three daughters, including model
Model (person)
A model , sometimes called a mannequin, is a person who is employed to display, advertise and promote commercial products or to serve as a subject of works of art....
Jacquetta Wheeler
Jacquetta Wheeler
Jacquetta Wheeler is an English model. Her father, Stuart Wheeler, is an entrepreneur and political activist to UKIP, and mother Tessa was a photographer....
.