Angela Rayner (Image: Getty)

Nigel Farage (Image: Getty)

Thailand-based Mr Harborne, Reform’s largest donor, said his gift was “a philanthropic gift to our country” intended to help the party prepare for government.

But Angela Rayner has warned that Labour could take “backdated” action against the donations.

“We’re saying that if you don’t pay taxes, if you don’t live here, you can’t buy your way into our democracy because you’re a billionaire.

Reform UK’s Treasury Spokesman Robert Jenrick said: “I have never spoken to either these individuals about cryptocurrency. They’ve asked nothing in return for their donations. You know, we’re not like the Tory party that hands out knighthoods and peerages to…”

“Nigel has said this in the last few days. Neither of these two individuals nor anyone who donates to our party, is going to be on some honours list in the years ahead, if we’re lucky enough to be in government.”

As well as donating to the party, Mr Harborne has given £5 million to Nigel Farage personally, with the Reform leader’s failure to declare the gift leading to an investigation by the Parliamentary Standards Commissioner.

Mr Delo, who was pardoned last year by Donald Trump after a conviction for violating the US Bank Secrecy Act, said his donation was intended to create a “level playing field” for Reform with the other parties.

The party has denied that the men will receive anything in return for their donations, tweeting: “Our donors want nothing and will never be given a peerage, knighthood or a government contract.”

Speaking to the Daily Telegraph, Mr Farage said the money would be used “for one purpose only: to make certain we are ready to form a government at the next election”.

He said Reform would fund “the best research and policy department British politics has ever seen” and recruit “the best minds in every area”.

Mr Farage has long been a supporter of the cryptocurrency industry, and his party has announced a number of crypto-friendly policies.

Last year, Reform said it would slash taxes on crypto assets and set up a “Bitcoin reserve”, while the party also accepts donations in cryptocurrency.

Mr Harborne and Mr Delo’s gifts have also reignited calls for a cap on political donations.

Labour MP Stella Creasy said the donations showed a cap “cannot come too soon to protect British democracy”.

Ms Creasy is one of several backbenchers to have proposed an amendment to the Government’s Representation of the People Bill that would have prevented donors giving parties more than £100,000 in a single year.

The Bill is set to be debated in the House of Lords on Monday, with Ms Creasy saying it provided an opportunity to “stop these people from distorting the next election”.

MPs last week backed measures including a cap on overseas donations at £100,000 and a suspension of funding through cryptocurrency, but the draft legislation still needs to be passed by the House of Lords to become law.

The twin donations offer Mr Farage’s party a boost after a difficult summer that included the launch of a criminal investigation into allegations it breached rules on political donations.

Reform UK denies any wrongdoing and has said it will co-operate fully with the probe.

Angela Rayner ignites row over Reform UK’s massive £72 million crypto donations

Angela Rayner has ignited a fresh political row over Reform UK’s record-breaking £72 million in donations from two cryptocurrency billionaires, as ministers consider whether Britain’s political funding rules need to be tightened.

The two £36 million donations, made by crypto entrepreneurs Ben Delo and Christopher Harborne, have become the largest combined donations ever received by a British political party. They have also triggered an intense debate about political influence, donor residency and whether existing rules are strong enough to prevent wealthy individuals with overseas connections from exerting disproportionate influence over British politics.

Rayner, who has been discussing possible changes to the political donations system, has suggested that the government could introduce tougher restrictions on donations linked to people living overseas. She has also indicated that ministers could consider a broader cap on political donations.

The controversy has quickly moved beyond Reform UK’s finances. It now raises a wider question about how British political parties should be funded and whether there should be limits on the amount any individual can contribute.

Two extraordinary donations

Reform UK announced the first £36 million contribution from Ben Delo before receiving an almost identical donation from Christopher Harborne within roughly 48 hours.

The combined £72 million represents an extraordinary financial boost for a party that has positioned itself as a major challenger in British politics.

Reform says the money is intended to help it prepare for the next general election, develop policies, expand its organisation and build the infrastructure required to compete nationally.

Harborne described his contribution as a philanthropic gift to Britain, while Reform has said that neither donor expects personal rewards in return for the money. The party has also said that the donations comply with existing electoral law.

The scale of the donations, however, has made them impossible to treat as an ordinary party-funding story.

The combined sum is larger than the amount many British political parties raise over entire election campaigns, immediately making the question of political finance a national political issue.

Why Rayner’s intervention matters

Rayner’s comments have focused attention on the rules governing who can legally donate to British political parties.

Under the government’s proposed changes, ministers are considering stronger residency requirements for political donors. Reports indicate that the government is examining whether donors should be required to demonstrate a continuing presence in the UK rather than simply satisfying existing technical requirements.

The proposed legislation could also have retrospective implications for donations made before the new rules are fully implemented. That possibility is particularly significant for Reform because the £72 million has already been donated.

Sky News reported that Rayner had warned the government could take action retrospectively if donations fell foul of new requirements. Reform, meanwhile, has said it is very confident that the money was donated legally.

The government has insisted that any changes are about strengthening the integrity of Britain’s electoral system rather than targeting one particular political party.

However, the timing has inevitably made Reform the centre of the argument.

The residency question

One of the most important issues concerns where the donors are based.

Harborne has been based in Thailand, while Delo has had links to Hong Kong. Their overseas connections have prompted questions about whether existing eligibility rules adequately distinguish between British political donors who live abroad and those who have a substantial and continuing connection to the UK.

Ministers are considering enhanced checks that could require donors to demonstrate an “ongoing” presence in Britain.

The government has denied that these proposals are specifically designed to target Reform’s £72 million donations.

The issue is particularly sensitive because changing the rules after a major donation has already been made raises questions about retrospective legislation and legal certainty.

Reform argues that donations made under the rules in force at the time should not subsequently be invalidated simply because Parliament changes those rules.

Reform’s response

Reform UK has strongly defended the donations.

The party maintains that both contributions were lawful and has rejected suggestions that the money should be returned. It has also argued that the proposed changes could create a “two-tier” system in which political donations already accepted under existing rules are treated differently from future contributions.

Nigel Farage has presented the huge financial injection as an opportunity to transform Reform’s organisational capacity.

The party says the money can be used to prepare for the next general election, expand its policy operation and compete more effectively with Labour and the Conservatives.

That argument highlights an important feature of Britain’s political system: large donations can provide parties with substantial resources long before an election campaign officially begins.

Calls for a donations cap

The controversy has also revived calls for a limit on individual political donations.

Rayner has indicated that a cap remains an option for ministers, although no universal limit on political donations has been confirmed.

Such a measure would have consequences beyond Reform UK.

Britain’s major parties have historically relied on a mixture of individual donors, trade unions, membership fees and other forms of fundraising. A universal cap would therefore affect the funding model used across the political spectrum.

The debate has already exposed a potential difficulty for Labour.

The party receives substantial financial support from trade unions. The Guardian reported that Labour had received nearly £43 million from unions since 2020. At the same time, Labour held a Downing Street reception for major donors on 16 September amid growing calls for restrictions on political donations.

That means any new system would have to address not only billionaire donations but the broader question of how political parties should raise money.

A wider debate about money and politics

The £72 million controversy has prompted concerns among campaigners and politicians about whether very large donations give wealthy individuals too much influence over British political life.

The concern is not unique to Reform.

Britain’s established parties have all accepted substantial donations from wealthy individuals, companies or organisations over the years. Trade unions have also played an important role in Labour’s finances.

Supporters of donation limits argue that political parties should not become overly dependent on a small number of wealthy backers.

Opponents of tighter restrictions can point to the principle that citizens who meet the legal requirements should be able to support political parties of their choice.

The disagreement therefore involves competing principles: political participation, freedom of political association, transparency, equality of influence and protection against foreign interference.

The legal investigation

The donations have also arrived amid separate scrutiny surrounding Reform’s finances.

Reuters reported that Reform has faced allegations concerning foreign-backed political polling, which the party denies, while other investigations have examined political donations and declarations involving figures connected to the party.

These investigations should be distinguished from the question of whether the two £36 million donations themselves comply with electoral law.

At present, Reform maintains that the £72 million was legally donated. Questions over residency requirements and proposed legislation remain matters for Parliament, regulators and, where relevant, the courts.

The distinction is important because political controversy does not itself establish that a donation was unlawful.

Why the row could continue

The immediate dispute is unlikely to disappear quickly.

Ministers are considering changes to political donation rules, while Reform has made clear that it intends to defend the legality of the money it has received.

If Parliament introduces new residency requirements or donation limits, the government could face difficult questions about when the new rules should take effect and whether they should apply to donations already made.

There is also the broader issue of consistency.

Any new restrictions would need to apply across the political system rather than simply addressing the circumstances surrounding one party.

That could lead to a much wider debate about the role of private wealth, trade unions, membership fundraising and public funding in British politics.

A defining political finance debate

Angela Rayner’s intervention has therefore turned Reform UK’s £72 million windfall into a much bigger argument about Britain’s political system.

For Reform, the donations provide an unprecedented financial resource and the party insists they were lawful.

For ministers and critics of the current system, the episode has highlighted questions about overseas residency, donor influence and whether existing safeguards remain adequate.

The government has not yet introduced a universal cap on political donations, and the precise form of any new restrictions remains uncertain.

What is clear is that two enormous donations from cryptocurrency entrepreneurs have reopened a debate that extends far beyond Reform UK.

The central question is no longer simply how one political party intends to spend £72 million. It is whether Britain should change the rules governing political money — and, if so, how those rules can be designed to apply fairly across the entire political system.

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