Spencer is a noted donor to the Conservative Party. He maintains personal contact with senior members of the party, including former Prime Minister David Cameron. ICAP and Spencer have made £4.6m in donations to the party although Spencer was critical of the May government's business policies; he has not donated to the party since the 2017 UK general election. Spencer was nominated for a peerage in Cameron's resignation honours list for charity fundraising and service to the Conservative Party while its treasurer, but reportedly, his nomination was blocked by the Cabinet Office.