Stuart Wheeler
John Stuart Wheeler | |
|---|---|
| Born | 30 January 1935 United Kingdom |
| Died | 23 July 2020 (aged 85) Chilham Castle, Kent, England |
| Occupation(s) | Financier, gambler, political campaigner |
| Known for | Founder of IG Index; Conservative Party donor; UK Independence Party treasurer |
John Stuart Wheeler (30 January 1935 – 23 July 2020) was a prominent British financier, gambler, and political campaigner. He established the spread betting company IG Index in 1974, amassing considerable wealth, and was well-known as a significant contributor to the Conservative Party as well as serving as treasurer for the UK Independence Party between 2011 and 2014.
Early life and career
Before reaching two years old, Wheeler was adopted by Alexander Wheeler, an American former Army officer and heir to a banking fortune, along with his wife Betty, who was the daughter of Sir John Gibbons. At the same time, they also adopted a daughter named Susan.
His upbringing took place on the Leighon Estate located in Manaton, Devon. Wheeler attended Eton College for his education, completed national service with the Welsh Guards, and later earned a second-class degree in law from Christ Church, Oxford. He initially practiced as a barrister and subsequently transitioned into investment banking before launching IG Index. This firm pioneered innovations in spread betting, initially allowing investors in the UK to speculate on gold during a period when strict foreign exchange controls were in place.
Conservative Party
Wheeler came into the national spotlight as a businessman when he contributed £5 million to the Conservative Party during the 2001 general election campaign. At that time, it was the largest individual political donation recorded in the UK until Frank Hester later exceeded it.
In January 2008, Wheeler sought a judicial review against the government over how it ratified the Treaty of Lisbon. He contended that the government had violated its manifesto pledge to hold a referendum on the European Constitution, which he argued closely resembled the Treaty of Lisbon. The court case did not succeed.
Wheeler’s political stance was aligned with the Conservative Party’s right wing. He supported Liam Fox in the 2005 leadership election and subsequently backed David Davis rather than David Cameron. He was openly critical of Cameron’s initial period as leader.
On 28 March 2009, Wheeler donated £100,000 to the UK Independence Party (UKIP), expressing dissatisfaction with Cameron’s policies on both the Treaty of Lisbon and the European Union. This contribution led to his expulsion from the Conservative Party.
The Trust Party
On 29 March 2010, Wheeler launched the Trust Party and stood as a candidate for the Bexhill and Battle constituency. Although Conservative candidate Gregory Barker won, Wheeler received 4.9% of votes cast, resulting in losing his deposit. The Trust Party also put forward a candidate in Perth and North Perthshire, where they obtained 1.1% of votes.
UKIP treasurer
In 2011, Wheeler took on the role of UKIP's treasurer to spearhead fundraising efforts ahead of the 2014 European elections. His appointment capitalized on his broad network, providing UKIP with an edge over Conservative competitors. Party leader Nigel Farage emphasized that Wheeler’s involvement would enable them to "raise serious money," addressing previous financial limitations.
Vote Leave co-treasurer
When the Vote Leave campaign advocating for Brexit was initiated in October 2015, Wheeler stood among three primary financiers, alongside Peter Cruddas and John Mills. These three individuals jointly held the position of co-treasurers and were instrumental in funding the campaign.
Personal life
Wheeler had a reputation as a passionate gambler, particularly drawn to card games and activities involving calculated risk. He played bridge with distinguished personalities such as Lord Lucan and Omar Sharif and frequently participated in World Series of Poker tournaments.
His spouse, photographer Tessa Codrington, died in 2016. Together they had three daughters, one of whom is the model Jacquetta Wheeler.
In June 2020, Wheeler disclosed his diagnosis of stomach cancer with an estimated survival period of six months. He passed away shortly after, on 23 July 2020, at age 85, at his residence, Chilham Castle, located in Kent.
External links
- Pages with script errors
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1935 births
- 2020 deaths
- 20th-century English businesspeople
- 21st-century English businesspeople
- Alumni of Christ Church, Oxford
- British financial businesspeople
- British investment bankers
- British people of American descent
- Conservative Party (UK) donors
- Deaths from stomach cancer in England
- English adoptees
- Members of the Freedom Association
- People educated at Eton College
- People educated at St. Aubyns School
- UK Independence Party donors
- British political party founders
- Leaders of political parties in the United Kingdom