Reform UK has rejected any suggestion that its two crypto-billionaire backers expect favours in return for donating a combined £72 million to the party.
The party said Christopher Harborne and Ben Delo would receive no knighthood, peerage or government contract if Reform enters government, following the biggest political donations in British history, made within a 24-hour period.
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Each donor gave £36 million — a combined sum equal to roughly three-quarters of what all parties spent during the 2024 general election.
Mr Harborne, who is based in Thailand and is Reform’s biggest financial backer, described his contribution as “a philanthropic gift to our country” designed to help the party prepare for government.
Pardoned by Donald Trump
Mr Delo said his donation was intended to give Reform a “level playing field” alongside the other parties. He was pardoned last year by US President Donald Trump after being convicted of violating the US Bank Secrecy Act.
Reform has denied that either donor will receive anything in exchange, writing on social media: “Our donors want nothing and will never be given a peerage, knighthood or a government contract.”
In an interview with the Daily Telegraph, Reform leader Nigel Farage said the money would serve “one purpose only: to make certain we are ready to form a government at the next election”.
He said the party planned to create “the best research and policy department British politics has ever seen” and bring in “the best minds in every area”.
Mr Farage has consistently backed the cryptocurrency sector, while Reform has outlined a series of policies aimed at making the UK more crypto-friendly.
Last year, the party said it would cut taxes on crypto assets and establish a “Bitcoin reserve”. It also accepts donations made in cryptocurrency.
The donations from Mr Harborne and Mr Delo have renewed pressure on ministers and MPs to introduce a limit on political contributions.
New laws on political donations
Labour MP Stella Creasy said the scale of the gifts demonstrated that a cap “cannot come too soon to protect British democracy”.
Ms Creasy is among a group of backbench MPs who put forward an amendment to the Government’s Representation of the People Bill. The proposal would have barred donors from giving a political party more than £100,000 in any one year.
The amendment was not debated in the Commons after the government pledged to establish a taskforce examining the influence of “mega-donors”.
The Bill is due to be debated in the House of Lords tomorrow. Ms Creasy said that stage offered an opportunity to “stop these people from distorting the next election”.
Duncan Hames of Transparency International UK said the donations provided “an irrefutable case” for introducing a cap. Campaign group Spotlight on Corruption warned that they could have a “huge and damaging impact” on UK politics.
MPs last week supported measures that included limiting overseas donations to £100,000 and suspending political funding through cryptocurrency. However, the draft legislation must still pass through the House of Lords before it can become law.
The twin contributions give Mr Farage’s party a major financial lift after a turbulent summer, which saw a criminal investigation opened into allegations that it had breached political donation rules.
Reform UK denies any wrongdoing and has said it will co-operate fully with the investigation.
