Difference between revisions of "Stuart Wheeler"

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(Created page with "'''Stuart Wheeler''' (born January 31 1935) is a British businessman and politician. He made his fortune as the founder of the spread betting firm [[IG...")
 
(Replaced content with "'''Stuart Wheeler''' is a multi-millionaire businessman through his betting firm IG Index. He was formerly a major donor to the Conservative Party and since 2011, has...")
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'''Stuart Wheeler''' (born [[January 31]] [[1935]]) is a [[United Kingdom|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,<ref name="Spread betting boss throws in his hand">{{Cite news|first=Gary |last=Parkinson |title=Spread betting boss throws in his hand  |url=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2002/03/14/cnig14.xml |publisher=[[The Daily Telegraph]] |date=14 March 2002 |accessdate=2008-06-20 }}</ref> being formerly a major donor to the [[Conservative Party (UK)|Conservative Party]] and since 2011, has been treasurer of the [[United Kingdom Independence Party]]. <ref name=LES/>
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'''Stuart Wheeler''' is a multi-millionaire businessman through his betting firm [[IG Index]]. He was formerly a major donor to the [[Conservative Party]] and since 2011, has been treasurer of the [[UKIP]]. He also helps to fund the [[Taxpayers' Alliance]].
  
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==Business life==
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==Affiliations==
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Wheeler was educated at [[Eton College]]. He did his [[National Service in the United Kingdom|National Service]] with the [[Welsh Guards]], before studying at [[University of Oxford|Oxford]], from where he graduated with a [[British undergraduate degree classification|second-class degree]] in law.<ref name="Stuart Wheeler: £5 million man" /> He practised law as a [[barrister]], before becoming an [[investment banking|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 as an investment|gold]], when [[foreign exchange controls]] made it exorbitantly expensive to actually buy it.<ref name="Stuart Wheeler: £5 million man" />
 
  
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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.<ref name="Sunday Times Rich List">{{Cite web|url=http://business.timesonline.co.uk/tol/business/specials/rich_list/article3822404.ece |title=Stuart Wheeler |accessdate=2008-06-20 |last= |first= |date=27 April 2008 |work=[[Sunday Times Rich List]] |publisher=[[The Times]] }}</ref>  Although he is a new entrant on the list, Wheeler had previously publicly stated his worth as being £90m.<ref name="Stuart Wheeler: £5 million man" /> 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 era|Jacobean]] [[Chilham Castle]], in [[Kent]].<ref name="Spread betting buys spread in the country">{{Cite news|first=David |last=Litterick |title=Spread betting buys spread in the country  |url=http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2002/07/23/cnig23.xml |publisher=[[The Daily Telegraph]] |date=23 July 2002 |accessdate=2008-06-20 }}</ref> He subsequently sold the rest of his shares, due in part to the cost of renovating the castle.<ref name="Sunday Times Rich List" />
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[[Conservative Party]] | [[Trust Party]] | [[UKIP]] | [[Taxpayers' Alliance]] | [[Global Vision]]
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==Politics==
 
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===Conservative Party===
 
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Although a successful businessman, Wheeler was not a well-known figure nationally until he donated £5m to the [[Conservative Party (UK)|Conservative Party]] during the [[United Kingdom general election, 2001|2001 election]] campaign.<ref name="Spread betting boss throws in his hand" /> This was, and remains, the largest single donation ever made to a political party in the United Kingdom.
 
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In January 2008, Wheeler brought an [[judicial review|action]] against the government, represented by [[Prime Minister of the United Kingdom|Prime Minister]] [[Gordon Brown]] and [[Secretary of State for Foreign and Commonwealth Affairs|Foreign Secretary]] [[David Miliband]], over the government's process of ratification of the [[Treaty of Lisbon]].<ref>[http://www.bailii.org/cgi-bin/markup.cgi?doc=/ew/cases/EWHC/Admin/2008/936.html R (John Stuart Wheeler) v Office of the Prime Minister and Secretary of State for Foreign and Commonwealth Affairs] [2008] EWHC 936 ([[Administrative Court (England and Wales)|Admin]])</ref><ref name="Court challenge to EU referendum">{{Cite news|first= |last= |title=Court challenge to EU referendum  |url=http://news.bbc.co.uk/1/hi/uk_politics/7379610.stm |publisher=[[BBC News]] |date=2 May 2008 |accessdate=2008-06-20 }}</ref> 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.<ref name="Court challenge to EU referendum" /> The government, along with the Conservatives and [[Liberal Democrats]], had pledged in their [[United Kingdom general election, 2005|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.<ref name="Court challenge to EU referendum" /><ref>[http://www.judiciary.gov.uk/docs/judgments_guidance/wheeler_pm250608.pdf R (Wheeler) v Prime Minister and Foreign Secretary] [2008] [[EWHC]] 1409 ([[administrative court|Admin]])</ref>
 
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Wheeler was seen as belonging to the right-wing of the Conservative Party.<ref name="£5m donor accuses Cameron of education U-turn">{{Cite news|first=George |last=Jones |title=£5m donor accuses Cameron of education U-turn |url=http://www.telegraph.co.uk/news/uknews/1511108/andpound5m-donor-accuses-Cameron-of-education-U-turn.html |publisher=[[The Daily Telegraph]] |date=22 February 2006 |accessdate=2008-06-20 }}</ref> He supported [[Liam Fox]] in the [[Conservative Party (UK) leadership election, 2005|2005 leadership contest]], and switched his support to [[David Davis (British politician)|David Davis]] against David Cameron in the final run-off.<ref name="£5m donor accuses Cameron of education U-turn" /> He was initially critical of the leadership of [[David Cameron]] during its first few months.<ref name="£5m donor accuses Cameron of education U-turn" />
 
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===UKIP donor===
 
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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."<ref>{{Cite news|title=Tory donor Stuart Wheeler faces expulsion over UKIP support |first=Sam |last=Coates |newspaper=[[The Times]] |date=29 March 2009 |url=http://www.timesonline.co.uk/tol/news/politics/article5996975.ece }}</ref> The following day he was expelled from the Conservative Party.<ref>{{Cite news|title=Tory donor who gave £100,000 to UKIP will be expelled from party |first=Sam |last=Coates |newspaper=[[The Times]] |date=30 March 2009 |url=http://www.timesonline.co.uk/tol/news/politics/article5998705.ece }}</ref>
 
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===The Trust Party===
 
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On 29 March 2010, Wheeler announced that he was forming a new political party to be called [[Trust (political party)|The Trust Party]] and that he would run for the [[Bexhill and Battle (UK Parliament constituency)|Bexhill and Battle]] seat. The seat was won by [[Gregory Barker]] for the Conservatives, but Wheeler polled 4.9% and therefore only narrowly [[Deposit (politics)|lost his deposit]]. The new party also fielded a candidate in [[Perth and North Perthshire]], where they won 1.1% of the vote.<ref>{{Cite news|url=http://www.dailymail.co.uk/news/article-1261283/5m-Tory-donor-stand-Election--Cameron-ally.html|title=His Trust Party is to field a second candidate, accountant Douglas Taylor, against Scottish Nationalist MP Pete Wishart in Perth.|date=28 March 2010|publisher=Daily Mail|accessdate=30 March 2010}}</ref>
 
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===UKIP Treasurer===
 
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In 2011 Wheeler was appointed treasurer of UKIP to spearhead fundraising in advance of the [[European Parliament election, 2014 (United Kingdom)|2014 European elections]]. His appointment was seen as a blow for the Conservatives because of his network of contacts. <ref name=LES> [http://www.thisislondon.co.uk/standard/article-23912676-former-tory-donor-named-as-ukips-new-treasurer.do  Former Tory donor named as Ukip’s new treasurer], ''[[London Evening Standard]]'', [[2011-01-11]]</ref> Party leader [[Nigel Farage]] said the move would enable the party to "raise serious money" as a lack of funds was "holding them back". <ref>[http://www.dailymail.co.uk/news/article-1345851/Former-Tory-donor-gave-party-5m-treasurer-UKIP.html?ito=feeds-newsxml Former Tory donor who gave party £5m becomes treasurer of UKIP], ''[[Daily Mail]]'', [[2011-01-11]]</ref>.
 
  
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==Affiliations==
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==Notes==
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<references/>
  
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[[Conservative Party]] | [[Trust Party]] | [[UKIP]] | [[Taxpayers' Alliance]] | [[Global Vision]]
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[[Category: Old Etonians]][[Category: Conservative Party Donors]]

Revision as of 03:10, 16 April 2011

Stuart Wheeler is a multi-millionaire businessman through his betting firm IG Index. He was formerly a major donor to the Conservative Party and since 2011, has been treasurer of the UKIP. He also helps to fund the Taxpayers' Alliance.

Affiliations

Conservative Party | Trust Party | UKIP | Taxpayers' Alliance | Global Vision

Notes

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