Labour is considering measures to cap political donations following a record-breaking £72 million contribution to Reform UK from two overseas-based crypto billionaires. Senior minister Angela Rayner stated that the funding of political parties is a "live issue" and suggested that individuals who do not pay taxes or reside in the UK should not be able to influence democracy through large financial contributions.
Christopher Harborne, based in Thailand, and Ben Delo, based in Hong Kong, each donated £36 million to Reform UK on Saturday. These combined donations are the largest ever recorded in British political history. Reform UK has stated that both donors seek no concessions, such as peerages or government contracts, in return for their contributions.
Nigel Farage, the leader of Reform UK, indicated that the donations were made upfront to preempt any potential cap on political funding by Labour and to expedite the party's development. Current legislation aims to limit donations from abroad to £100,000, though Harborne and Delo are registered voters in the UK, making their donations legally permissible under existing rules.
The total sum of £72 million is equivalent to approximately three-quarters of the funds spent by all parties combined in the 2024 general election. Harborne described his contribution as a "philanthropic gift to our country," intended to aid Reform UK's preparation for government. He also personally gave £5 million to Farage, a donation that is currently under investigation by the Parliamentary Standards Commissioner due to Farage's alleged failure to declare it.
Ben Delo, co-founder of BitMEX and often cited as Britain's first Bitcoin millionaire, stated that his donation was intended to create a more "level playing field" for Reform UK. Delo had previously received a pardon from Donald Trump after a conviction for violating the U.S. Bank Secrecy Act.
Prime Minister Andy Burnham has reportedly declined to support a backbench proposal to strengthen the law to include UK-based donations, amid opposition from trade unions that provide financial backing to his own party. Rayner's comments to Sky News indicate a potential shift in Labour's stance on the issue, emphasizing the principle that financial power should not equate to undue influence in democratic processes.