Reform UK has secured a record £72 million in donations from two cryptocurrency billionaires, with Nigel Farage pledging to use the money to turn the party into a professional organisation capable of forming a government.
The donations of £36 million each from Ben Delo and Christopher Harborne are the largest combined contribution in British political history. Mr Farage said the funds would be used to recruit senior campaign managers, policy specialists and other staff ahead of the next general election.
He described the money as an “investment in democratic renewal” and said it had been provided upfront amid speculation that Labour could seek to impose a cap on political donations.
“The money will be used for one purpose only: to make certain we are ready to form a government at the next election,” Mr Farage said.
He added: “Now the British people have a genuine alternative: a properly funded, professionally organised and determined party that will put this country’s interests first once more. This money is an investment in democratic renewal, pure and simple.”
Reform UK donation eclipses previous political records
Mr Delo, co-founder of a digital currency trading platform, made his donation public on Friday. The following day, Reform announced that it had been matched by Mr Harborne, a technology investor based in Thailand who is registered as a UK resident for voting and donation purposes.
The previous largest single donation to a political party was a £10 million bequest to the Conservatives. The biggest donation from a living individual had been the £9 million Mr Harborne gave Reform last year.
The latest contributions bring Reform’s fundraising for the year to almost £90 million, compared with just over £10 million for the Conservatives and £8 million for Labour.
Mr Farage is expected to use part of the money to appoint campaign managers in target constituencies and compete for leading policy experts. Sources also expect the party to establish an attack unit aimed at its political opponents.
Sir John Curtice, professor of politics at the University of Strathclyde, said the funding would leave Reform better placed to fight the next election, but warned that it would not guarantee victory.
“On their own, local party activists – the troops on the ground – do not win elections. They need ‘air cover’ from effective nationwide campaigning,” he said.
“And even the best research will not persuade voters to back a party if they do not believe in its objectives.”
The main parties have moved on to an election footing since Andy Burnham succeeded Sir Keir Starmer in July, amid suggestions that he could seek to benefit from an improvement in Labour’s poll ratings.
Questions over Reform’s finances
Mr Harborne, who has previously given Reform £15 million, is the subject of an investigation by the Parliamentary Standards Commissioner into whether a personal £5 million gift to Mr Farage should have been declared.
The Metropolitan Police has also launched a criminal inquiry into allegations that senior Reform figures breached donation rules after being recorded during an undercover operation. The claims have not been proven.
Mr Harborne said he expected nothing in return for his latest donation, including an honour or influence over policy.
“No peerage, no policy change, just a party that is ready for government,” he said. “I have already accumulated enough wealth for the rest of my life.”
Mr Delo, 42, who announced plans to move back to the UK this year after Labour proposed capping donations from British citizens living abroad, said he wanted to ensure a “fair fight” at the next election.
Bridget Phillipson, the Labour Party chairwoman, said Mr Farage could not “buy his way out of the sleaze and scandal” surrounding Reform, and called on the party to answer questions about its finances.
