The son of Ridley and Ella Jacobs, he was educated at Clifton College,[1] Bristol and the University of London.
In 1984, Jacobs became his Party's Joint Treasurer, a post he stepped down from three years later.
[3] He took the Liberal Democrat whip until January 2011 when he resigned from the party, citing opposition to its policies on taxation.
[5] At the time of his peerage he also received an Honorary Doctorate from the University of Haifa in recognition of his generous support for the excavation of an ancient shipwreck at Ma'agan Michael.
He ranked 614th in the Sunday Times Rich List of 2008 being estimated to be worth £128 million due to driving schools and fast food.