£72m Reform UK donations expand campaign power and political risks

Reform UK has reportedly received £36m each from cryptocurrency billionaires Ben Delo and Christopher Harborne, giving the party a combined £72m campaign fund. The Guardian reported that the contributions are among the largest ever made to a UK political party.

The money could finance additional staff, advertising and campaigning in target constituencies. Reform spent less than one-tenth of the roughly £65m spent collectively by the major parties at the 2024 general election, leaving the party with significant scope to expand its electoral operation.

Reform says the donations help level the funding field with larger parties. The party also says its support for liberalising UK cryptocurrency rules predates the contributions. Critics are expected to argue that the funding gives wealthy, internationally based backers greater influence and could undermine Reform’s claim to represent ordinary Britons.

The donations have also renewed attention on Farage’s finances. Harborne previously gave him a reported £5m gift, which Farage did not declare on entering parliament. The gift is being examined by the parliamentary standards watchdog as a potential breach of MPs’ rules.

Police are investigating potential wrongdoing after Channel 4 News footage appeared to show senior Reform officials discussing ways to avoid electoral law relating to foreign donations. The party has denied wrongdoing, while two senior aides have been suspended. No breach has been established.

The political effect of the funding remains uncertain. Under Britain’s first-past-the-post system, Reform must mobilise its existing support while remaining acceptable to voters beyond its base. A larger campaign budget may strengthen its reach, but the donations could also deepen concerns about the party’s backers and leadership.