LONDON, September 12 — Reform UK has insisted its two crypto-billionaire donors want “nothing” in exchange for a combined £72 million (about US$91 million) in gifts to the party, after receiving the two donations in the space of 24 hours. The party said neither Christopher Harborne nor Ben Delo will be given a knighthood, a peerage or a government contract if Reform comes to power. Each man gave £36 million (about US$45.5 million), making the pair the largest donations in British political history.
Together they are equivalent to three-quarters of the money spent at the 2024 general election by all parties combined.
What the donors say
Thailand-based Mr Harborne, Reform’s largest donor, described his gift as “a philanthropic gift to our country” intended to help the party prepare for government. He has separately given £5 million (about US$6.3 million) to Nigel Farage personally, and the Reform leader’s failure to declare that gift led to an investigation by the Parliamentary Standards Commissioner.
Mr Delo, who was pardoned last year by President Donald Trump after a conviction for violating the US Bank Secrecy Act, said his donation was intended to create a “level playing field” for Reform with the other parties. The party denied the men would receive anything in return, tweeting: “Our donors want nothing and will never be given a peerage, knighthood or a government contract.”
Farage: money for one purpose only
Speaking to the Daily Telegraph, Mr Farage said the money would be used “for one purpose only: to make certain we are ready to form a government at the next election.” He said Reform would fund “the best research and policy department British politics has ever seen” and recruit “the best minds in every area.” Mr Farage has long backed the cryptocurrency industry, and his party has announced a number of crypto-friendly policies.
Last year Reform said it would slash taxes on crypto assets and set up a “Bitcoin reserve,” and the party also accepts donations in cryptocurrency. The twin gifts offer Mr Farage’s party a boost after a difficult summer that included the launch of a criminal investigation into allegations it breached rules on political donations.
Reform UK denies any wrongdoing and has said it will co-operate fully with the probe.
A renewed fight over donation caps
The donations have reignited calls for a cap on political donations. Labour MP Stella Creasy said they showed a cap “cannot come too soon to protect British democracy.” Ms Creasy is one of several backbenchers to have proposed an amendment to the Government’s Representation of the People Bill that would have prevented donors giving parties more than £100,000 (about US$126,000) in a single year.
Her amendment was not debated in the Commons after the Government said it would set up a taskforce to tackle the issue of “mega-donors.” The Bill is set to be debated in the House of Lords on Monday, with Ms Creasy saying it provided an opportunity to “stop these people from distorting the next election.” Duncan Hames, of Transparency International UK, said the donations made “an irrefutable case” for a cap, while campaign group Spotlight on Corruption said the donations could have a “huge and damaging impact” on UK politics.
MPs last week backed measures including a cap on overseas donations at £100,000 (about US$126,000) and a suspension of funding through cryptocurrency, but the draft legislation still needs to be passed by the House of Lords to become law. Strategically, the calculus for Farage is straightforward. Two men with deep ties to the crypto industry have handed his party a war chest equivalent to three-quarters of what every party spent at the last general election, and the party’s policy platform already reflects their interests.
What this signals is a British political system straining against rules written for a smaller era of donor politics. The Lords debate on Monday is the next move on the board.
