Reform UK has received a record-breaking donation of £36 million from cryptocurrency investor Ben Delo. This single sum is the largest ever recorded for a UK political party, surpassing previous records, including a £9 million donation from Delo to Reform last year and a £10 million legacy donation to the Conservatives.
The substantial contribution arrives as the party and its leader, Nigel Farage, are under scrutiny regarding their finances. The Metropolitan Police have launched an investigation into whether Reform UK breached foreign funding laws, following allegations broadcast by Channel 4 News. The party has denied any wrongdoing and pledged cooperation with the inquiry.
Separately, Farage is being investigated by the parliamentary standards commissioner over a £5 million cash gift he received from Delo, a Thailand-based cryptocurrency investor, prior to the 2024 general election. Farage contends that the gift was private and unrelated to his parliamentary or political activities, thus not requiring registration.
The police inquiry is also examining payments made to Reform in the weeks leading up to the recent election. This includes donations from Fiona Cottrell, mother of George Cottrell, a close associate of Farage. The investigation is also looking into payments from a company controlled by Reform's deputy leader, Richard Tice, which reportedly received £1 million from Cottrell in June 2024.
These investigations follow a row over restrictions on political donations from Britons residing abroad. Reform UK and its donors have accused the Labour Party of attempting to impede their political progress. The UK government has also proposed measures to limit donations from overseas voters moving to the UK, restricting them to £100,000 for the first year after arrival, as part of the Representation of the People Bill.
In response to the record donation, the Labour Party criticized Farage, stating he is "still up to his neck in scandal" and that "questions he faces aren't going away - in fact they're piling up." They added that Reform UK "can't buy their way out of questions about sleaze, criminal mates and dodgy finances" and called for Farage and the party to be transparent and cooperate with the police.
Liberal Democrat Cabinet Office spokesperson Lisa Smart commented that Farage appears to want to "bring Trump's America to our shores by buying his way into power," suggesting he views entering Number 10 as a simple acquisition. Smart also called for a cap on political donations, emphasizing its importance for the health of democracy.