The eurosceptic Tory millionaire Stuart Wheeler vowed to appeal today after losing his High Court battle over the Government’s refusal to hold a referendum on the EU’s Lisbon Treaty.

The spreadbetting tycoon had argued that the British public had a "legitimate expectation" that there would be a public vote after Government ministers promised a referendum on the EU constitution.

His lawyers said that the evidence showed that the Constitutional Treaty - rejected by voters in France and the Netherlands in 2005 - and the Reform Treaty, or Lisbon Treaty, which replaced it were one and the same, except in name.

But today Lord Justice Richards and Mr Justice Mackay dismissed his application for judicial review at the High Court in London. They said: "We have found nothing in the claimant’s case to cast doubt on the lawfulness of ratifying the Lisbon Treaty without a referendum."

The judges also refused Mr Wheeler, 73, permission to appeal to the Court of Appeal, saying that he had no hope of succeeding. "Whilst the issues raised are interesting and important, that is outweighed by the desirability of certainty and the avoidance of unnecessary delay in this matter. There is no other compelling reason why an appeal should be heard," they said.

But a defiant Mr Wheeler said on the steps of the Law Courts that he would ask the appeal court to hear his case and would be writing "within the hour" to the Government to ensure that they defer ratification of the treaty.

He said: "I have high hopes of winning on appeal. We shall apply to the Court of Appeal for permission to appeal and we will see what they say."

Mr Wheeler says he believes the Lisbon Treaty is "dead" anyway as a result of its rejection in the referendum in Ireland, but ministers in London have refused to halt the ratification process.

Jim Murphy, the Europe Minister, appeared to suggest that the Government would now move towards ratification - after which the court process would be irrelevant.

Mr Murphy said: "I am pleased that the judges have come down very clearly on the side of the Government and found that this claim ’lacks substantive merit and should be dismissed’.

"The judges have confirmed the Government’s position that the Lisbon Treaty differs in both form and substance from the defunct Constitution. The judges have also made a number of important points about the boundaries between Parliament, Government and the courts."

"With Parliament's approval the Government is proceeding to ratify the Lisbon Treaty, which is in our national interest and is a good Treaty for the UK."

Mr Wheeler, who made more than £30 million from spread-betting firm IG Index, raised tens of thousands of pounds from donors in addition to his own money to fight today’s case.

A major Conservative party donor in the past, he says he would like to see the Tory leader David Cameron, if he gains power, demand "substantial changes" to the way the EU runs, with British withdrawal as the "ultimate resort" in any negotiations.

Although the UK effectively became the 19th EU state to ratify the Treaty when the EU Amendment Act received Royal Assent earlier this month, the process is not technically completed until the "instruments of ratification" are deposited in Rome.

The Foreign Office has until the end of December to complete this stage - plenty of time for Mr Wheeler to go to the Court of Appeal.

Rabinder Singh QC, appearing for Mr Wheeler, said at a recent two-day hearing that led to today’s ruling: "The Government promised a referendum and should keep its promise."

At stake were the fundamental principles "of good administration, fair play and straight dealing with the public", he said. But Jonathan Sumption QC, appearing for the Office of the Prime Minister, told the judges: "This case is politics dressed up as law."

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