Reform UK has received £72m from two cryptocurrency billionaires in just 48 hours, the largest single political donations in UK history, with Robert Jenrick calling it a 'breakthrough moment' as Labour warns the sums may be caught by new legislation.
Key facts
- Reform UK received £72m from two crypto billionaires in 48 hours, the largest single donations in British political history.
- Christopher Harborne's £36m donation matches an identical sum given by Ben Delo on Friday.
- Robert Jenrick said he was 'very confident' the donations are 'perfectly legal' and called them a 'breakthrough moment'.
- Labour's Angela Rayner warned the donations may be caught by a new bill and stressed restrictions should apply retrospectively.
- Reform has pledged more crypto-friendly policies if it comes to power.
Reform UK has received £72m from two cryptocurrency billionaires over the past 48 hours, described by the Guardian as the largest single donations in British political history. The party’s economic spokesperson, Robert Jenrick, faced questions across the Sunday politics shows following the influx of funds.
Christopher Harborne announced his £36m donation in the Telegraph, matching an identical £36m sum given on Friday by fellow cryptocurrency investor Ben Delo. The combined total gives the anti-immigration party a substantial financial boost heading into the next general election, which must be held by 2029.
Speaking to Sky News, Jenrick described the donations as a ‘breakthrough moment’ for Reform from ‘two patriotic businessmen’. He said he was ‘very confident’ the money was ‘perfectly legal’. When pressed on whether Reform would return the donations if they were found to violate new law, Jenrick said: ‘Who knows? I mean, if people try and do something retrospectively, then maybe.’
The government’s Angela Rayner told the BBC the huge sums raised concerns about ‘who is funding politics’, adding that ‘if there are few individuals who fund power to power… in a democracy that is a concern.’ Rayner stressed Labour’s line that new restrictions on foreign donations, currently being considered by parliament, should apply retrospectively. She suggested Reform’s £72m may be caught by the new bill.
According to the Guardian’s analysis, the donations make Reform’s prospects both ‘rosier and riskier’, boosting its campaign resources while further muddying the reputation around the party’s finances and who it says it serves. Reform has pledged more crypto-friendly policies, including greater adoption of the unregulated currency across the UK, should it come into power.
Reform leader Nigel Farage said the donations simply put the party on a ‘more level playing field’ with the more established parties. The Guardian noted that across the Sunday politics shows, neither Labour nor the Conservatives ruled out accepting similarly large sums from crypto-billionaires in the future.
Why it matters
The £72m in donations is unprecedented in British politics and reignites debate over the role of wealthy individual donors in a democracy. With parliament weighing new rules on political funding, the money could become a test case for whether such restrictions apply retrospectively.
Frequently asked questions
Who donated the £72m to Reform UK?
The money came from two cryptocurrency billionaires: Christopher Harborne, who announced a £36m donation in the Telegraph, and Ben Delo, who gave an identical £36m sum on Friday.
Are the Reform UK donations legal?
Robert Jenrick said he was 'very confident' the donations are 'perfectly legal'. However, Labour's Angela Rayner suggested they may be caught by a new bill parliament is considering, which Labour says should apply retrospectively.
Would Reform return the donations?
When asked whether Reform would return the money if it were found to violate new law, Jenrick said: 'Who knows? I mean, if people try and do something retrospectively, then maybe.'