‘It is unsustainable’: Reform’s billionaire donors inspire panic in Westminster
Summary
Reform UK has received millions of pounds in donations from two cryptocurrency billionaires, Christopher Harborne and Ben Delo, raising concern among Labour MPs about the influence of large private donors in UK politics. The government has introduced a cap on overseas donations, but it may not limit these contributions, and some politicians want to broaden the cap to cover all donors.Key Facts
- Reform UK received £7 million in donations from two crypto billionaires in one quarter.
- Christopher Harborne has given £15 million to Reform UK and £5 million to Nigel Farage personally.
- Ben Delo co-founded the crypto trading platform BitMEX and became the UK’s youngest self-made billionaire.
- Delo was pardoned last year by President Donald Trump after a US conviction related to money laundering controls.
- Both donors live abroad but might avoid new donation limits by returning to the UK or challenging the rules.
- Labour raised £6 million from all private donors in the first quarter of 2024, less than Reform UK received from just two donors.
- The government’s current cap focuses on overseas donors but allows large donations if transparency is maintained.
- Some Labour MPs want to extend donation limits to all donors due to concerns about political influence.
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