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

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.

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.