Wheeler to stand as MP

STUART Wheeler, the City grandee that made his fortune setting up spread betting firm IG Index, will today announce his intention to run for parliament on an anti-sleaze ticket.

The Eurosceptic was expelled from the Tory Party last year after joining UKIP and is standing against Bexhill MP Greg Barker, an ally of David Cameron.

Wheeler’s Trust Party describes itself as a “one-issue party” that wants to clear up politics in the wake of the MPs’ expenses scandal.

“The biggest problem facing politics in Britain today is the lack of trust in politicians,” Wheeler said yesterday.

“MPs complain they don’t get paid enough, but their salary of £65,000 puts them in the top five per cent of earners, and that is without expenses. And they paid themselves huge, tax free expenses on top of that. And still they abused the system.”

Wheeler donated £5m to the Tories in 2001 – the biggest ever single political donation in the UK – but fell out with the party after Cameron became leader.