UK ministers weigh retrospective donation limits after Reform UK receives £72 million

Reform UK secures £72 million from crypto donors

Reform UK received £72 million across two donations from cryptocurrency figures Christopher Harborne and Ben Delo within little over 24 hours. Harborne and Delo contributed £36 million each, the largest individual donations ever given to a British political party. Harborne, who holds citizenship in both the United Kingdom and Thailand, previously donated £9 million to Reform UK in August 2025. Delo, who recently moved back to the United Kingdom from Hong Kong, matched that with his own £36 million payment. Ministers and Labour MPs expressed concern over cryptocurrency donations, noting that digital assets are harder to trace than conventional currency and can move without conversion into fiat money.

Retrospective rules in the electoral bill

Ministers confirmed that provisions in the Representation of the People Bill 2026 could apply retrospectively to 25 March 2026. The legislation, initiated under Keir Starmer and continued under Prime Minister Andy Burnham, introduces a £100,000 annual cap on donations from British citizens living abroad or those who returned to the country within the preceding 12 months. The date reflects the publication of an independent review by former permanent secretary Philip Rycroft. The bill, which also extends general election voting rights to 16 and 17-year-olds, cleared the House of Commons this month and moves to the House of Lords this week. Angela Rayner also confirmed that ministers have written to the Electoral Commission to examine further measures.

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 in.

Reform UK defends donations as lawful

Reform UK representatives insisted that both donations comply fully with Electoral Commission requirements and current statutes. Speaking on Sunday with Laura Kuenssberg, economic spokesman Robert Jenrick said Delo returned to Britain partly to ensure adherence to incoming legal changes, adding that the party does not expect to return any funds. Jenrick stated that the two donors were not buying anything and simply supported the party's political agenda.

These two donations are entirely in line with the law as it is and, as far as we know, the law as it's going to be in the future.

A party spokesperson added that both donors are British citizens entitled to support political change in their country, dismissing government scrutiny as an effort to hinder political opposition.

Cross-party scrutiny and devolved reactions

Labour backbenchers voiced frustration on internal messaging groups that the legislation did not establish a broader £100,000 cap on domestic political donations. An amendment drafted by Labour MP Stella Creasy gained support from 60 members of Parliament across several parties, though ministers deferred the measure to a taskforce rather than putting it to an immediate vote. In Wales, First Minister Rhun ap Iorwerth questioned whether the donors were motivated by cryptocurrency deregulation and pointed out that Plaid Cymru relies primarily on small local fundraisers and bequests.

What we have, it seems I fear, is a race to the top - clearly being won by Reform currently on very large donations.

The Welsh administration, led by Plaid Cymru following the May election, faces ongoing budget discussions with opposition parties in the Senedd, where Reform holds the second-largest seat count ahead of Labour.