Crypto Billionaires Break Donations Record with £72m for Reform UK

Reform UK, led by Nigel Farage, has received £72m in donations from two cryptocurrency billionaires, Ben Delo and Christopher Harborne. According to Robert Jenrick, Reform's economic spokesman, these donations are 'entirely in line with the law' as it stands now. The party believes that Delo and Harborne's large donations do not need to be returned.

The government is seeking to change the law on donations to UK political parties from British expats, including a £100,000 cap backdated to 25 March. Jenrick said that Delo had returned to the UK 'in part so that he can comply with the changes to the law'. Delo and Harborne each donated £36m to the party in two days, breaking the record for the largest ever donation given to a UK political party.

The proposed changes aim to limit how much British citizens can donate to political parties from overseas. However, Reform believes that their donations are exempt from these new rules. The government has previously said it was 'determined to tackle' the issue of 'mega-donors', and has established a new taskforce to do this.

Some politicians have expressed concerns about the influence of large donors on politics. Conservative shadow foreign secretary Tom Tugendhat said that people should be able to support democratic movements, but warned against an 'Americanisation of politics where money just runs free'. Liberal Democrat Cabinet Office spokeswoman Lisa Smart called for emergency legislation to cap campaign donations and spending.