The Labour Cabinet minister says you ‘cannot buy democracy’ but Nigel Farage says the money is just ‘gifts’.
Angela Rayner (Image: Getty)
Reform UK has insisted its two crypto-billionaire donors want “nothing” in exchange for their combined £72 million gifts to the party. Neither Christopher Harborne nor Ben Delo will be given a knighthood, a peerage or a government contract if Reform comes to power, the party said, after receiving the two gifts in the space of 24 hours.
The donations, amounting to £36 million from each man, are the largest in British political history and together are equivalent to three-quarters of the money spent at the 2024 general election by all parties combined.
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.
The Cabinet Minister told Sky News: “I think the most important thing and the reason why we’ve got a bill going through Parliament at the moment, is that we need to have secure elections that are for the people and that you can’t buy your way into our democracy.
“And that’s why the Rycroft Review was set up and we’ve already taken action against overseas donations, which will be backdated for when Rycroft published. It will be backdated.”
“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.
“It’s a really live question for us about making sure that our democracy is about the people and them having a choice, and not about people with billions of pounds being able to buy their way.”
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.
Her amendment was not debated in the Commons after the Government said it would set up a taskforce to tackle the issue of “mega-donors”.
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”.
Duncan Hames, of Transparency International UK, said the donations made “an irrefutable case” for a cap, while campaign group Spotlight on Corruption said the donations could have a “huge and damaging impact” on UK politics.
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.
State pensioners over 75 can get £9,740 payments on top of state pension
State pensioners can get a bumper £9,740 on top of their state pension by doing one thing.
State pensioners can get £9,740 on top of their state pension (Image: Getty)
State pensioners aged over 75 can get an extra £9,740 on average paid out to them each year on top of their DWP state pension payments.
Annuities are a product which pensioners can buy using their private pension pot (usually built up from work) which converts your pension savings into a guaranteed annual income until you die.
As explained by life insurance firm LV: “A pension annuity is a lifetime annuity you can buy using the money from your pension pot. It will pay you an income for the rest of your life. To be able to receive a pension annuity, you must be at least 55 years old and have at least £2,000 to invest after you’ve taken any tax-free cash.”
Annuities invest your money, which allows it to continue to grow, while also balancing your life expectancy against the money it cost you to take out.
A bit like life insurance, annuities weigh up your age, lifestyle and health factors to determine how much to pay out to you each year, as well as the amount you have in your private pension.
According to SharingPensions.co.uk, retirees aged 75 and over can, as of September 6, 2026, get £9,740 per year paid out by an annuity on average, based on current rates and assuming a pension pot of £133,000 before tax for an individual pensioner with no ‘level rate guarantee’.
LV says about annuities that there are some downsides – they are, like the pension pot itself, subject to tax.
They also cannot be changed or surrendered later, so you need to be sure you want one before you proceed as there’s no going back and getting your money back if you change your mind.
It adds: “The pension annuity cannot be cashed in or surrendered at any time.
“Purchasing a pension annuity is a once and for all decision. The options you select when you buy the annuity cannot be changed later on. Annuity payments are classed as income and are subject to income tax, and could affect any state benefits you claim – it is worth seeking advice from a financial professional to see what income tax you may be liable for.
“Depending on how long you live, you may receive less than you paid for your annuity.
“Ensure you outline any medical conditions you or your partner have as it may mean you receive a higher annuity income.”