Thomas Phipps was the second son of Thomas Phipp of Westbury, Wiltshire, whose family had emerged as prominent clothiers in the 16th century. Phipps himself sought his fortune in London, becoming involved in trading to East India, West Africa and New England.
Having acquired an estate in west Wiltshire, Phipps was elected to Parliament in January 1701 as member for Wilton, but did not contest the seat at the general election in November 1701. In July 1702 he was elected as member for Westbury, but was swiftly unseated on petition. Thereafter, he played little active role in politics, though he gave evidence to the House of Commons in 1712 in defence of the Royal African Company.
