Nigel Farage, leader of Reform UK, has announced record-breaking political donations totaling £72 million from two cryptocurrency billionaires, Christopher Harborne and Ben Delo. Farage described the sum as an "investment in democratic renewal" and pledged to use the funds to transform Reform UK into a party capable of forming a government.
The significant donations, each amounting to £36 million, were made upfront to circumvent potential donation caps and accelerate the party's professionalization efforts. Farage stated that the funds will be used to hire "the best minds in every area," appoint campaign managers in key constituencies, and acquire top policy experts.
Ben Delo, co-founder of a digital currency trading platform and formerly Britain's first Bitcoin millionaire, provided the first £36 million donation. He stated his aim was to ensure a "fair fight" at the next general election, citing concerns about the "entrenched advantages" of other parties. Delo also announced his return to the UK after Labour revealed plans to cap donations from expatriate British citizens.
Christopher Harborne, a tech investor based in Thailand who is registered as a UK resident for voting and donating purposes, matched Delo's donation. Harborne, who has previously donated £15 million to Reform UK, emphasized that he expects no rewards, such as honors or policy influence, in return for his contributions. He expressed a desire to see his wealth support Britain and humanity, stating his belief that Reform UK is the party best positioned to address what he identifies as "existential threats" including nuclear war, artificial intelligence, and climate change.
These donations far surpass previous records for political funding in the UK. Previously, the largest single donation was a £10 million bequest to the Conservative Party, and the largest from a living individual was £9 million, also given by Harborne to Reform UK last year. The total raised by Reform UK this year now approaches £90 million, significantly outstripping the funds raised by the Conservative and Labour parties, which stand at just over £10 million and £8 million respectively.
Political analysts, including Professor Sir John Curtice, note that while the substantial funding will better equip Reform UK for electoral campaigning, it does not guarantee electoral success. Curtice highlighted the necessity of effective nationwide campaigning and public belief in a party's objectives, in addition to local activism.
Concerns have been raised regarding the source of Reform UK's finances. Harborne is reportedly under investigation by the Parliamentary Standards Commissioner concerning a £5 million gift to Farage that may not have been declared. Additionally, the Metropolitan Police have launched a criminal inquiry into alleged breaches of donation rules by senior party figures, following an undercover investigation.
Bridget Phillipson MP, chairwoman of the Labour Party, criticized the donations, stating that Farage cannot "buy his way out of the sleaze and scandal" surrounding the party and its finances, calling for transparency regarding the ongoing investigations.
Farage himself has privately acknowledged the party's current lack of depth and expertise required to govern. The influx of funds aims to address this by building a more robust party machinery to challenge the established political landscape. Reform UK announced the initial £36 million donation on Friday evening, with the matching sum from Harborne confirmed on Saturday.