Nigel Farage announced that Reform UK has received a record-breaking £72 million in donations from two crypto billionaires, Christopher Harborne and Ben Delo. Farage described the funding as an "investment in democratic renewal" and pledged to use it to transform Reform UK into a party capable of governing.
The donations, each amounting to £36 million, were reportedly made upfront to circumvent potential donation caps by the Labour party and to accelerate the party's development. Farage stated that the funds will be used to hire "the best minds in every area," establish campaign managers in target constituencies, and potentially create an "attack unit" to target political rivals.
Beno Delo, co-founder of a digital currency trading platform and Britain's first Bitcoin millionaire, made the first £36 million donation. This was matched by a further £36 million from Christopher Harborne, a tech investor based in Thailand who is registered as a UK resident for voting and donating purposes. Harborne had previously donated £15 million to Reform UK, and Delo had contributed £4 million earlier in the year.
These donations significantly surpass previous records for political funding in the UK. The largest single donation previously recorded was a £10 million bequest to the Conservative party, and the largest from a living individual was £9 million, also from Harborne to Reform UK last year. The total amount raised by Reform UK this year is now approaching £90 million, outstripping the Conservative and Labour parties' fundraising efforts for the same period.
Farage acknowledged that Reform UK currently lacks the depth of expertise required to run a government, but expressed confidence that the new funding will enable the party to become "be ready to form a government at the next election." He stated that the party would now offer a "properly funded, professionally organised and determined party that will put this country's interests first."
Harborne stated that he expects no reward, such as an honor or policy influence, in return for his donation. He cited "existential threats" facing humanity—nuclear war, artificial intelligence, and climate change—as his primary concerns, believing Reform UK is the party best positioned to address them. Delo expressed a desire for a "fair fight" in the next election, aiming to counter what he perceives as the "entrenched advantages" of Reform's opponents.
Election analyst Sir John Curtice cautioned that while the funding will help Reform UK compete, it does not guarantee electoral success. He emphasized that winning elections requires more than just local activists, necessitating effective nationwide campaigning and a compelling party platform that resonates with voters' beliefs.
Reform UK faces ongoing scrutiny regarding its finances. Harborne is reportedly under investigation by the Parliamentary Standards Commissioner regarding a £5 million gift to Farage, and the Metropolitan Police have launched a criminal inquiry into alleged breaches of donation rules by senior party figures. Bridget Phillipson MP, chairwoman of the Labour Party, criticized the donations, stating that Farage cannot overcome the ongoing scandals and investigations into Reform UK's finances.