First Minister warns Reform’s £72m donations risk undermining ‘trust in democracy’

Mark Mansfield

First Minister Rhun ap Iorwerth has warned that Reform UK’s £72 million donations from two cryptocurrency billionaires risk undermining “trust in democracy” and raised concerns about wealthy individuals trying to “buy politics”.

The Plaid Cymru leader said it would be a “hard no” if his party was offered donations on a similar scale, questioning whether Reform’s donors could have an interest in the party’s policies towards cryptocurrency.

Reform received two £36 million donations from Christopher Harborne and Ben Delo in the space of 24 hours, the largest political donations in British history.

Asked on the BBC’s Sunday with Laura Kuenssberg whether Plaid would accept similar donations, Mr ap Iorwerth said: “We should park this very much in the hypothetical question category but it’s a hard no.

“When people consider what this money is about, have these two individuals altruistically decided that they want for the common man and woman to make life better or perhaps are they interested in the deregulation of crypto agenda that I’ve heard mentioned by Reform in the past, so it’s a reputational thing.”

Mr ap Iorwerth also raised concerns about cryptocurrency and its potential use in illicit financial activity.

He said there was an “issue with crypto” over its ability to “change negatively the way movement of money is able to support illicit activities”.

The First Minister said donations of such magnitude could affect “trust in democracy”, adding: “Whether somebody somewhere with very very large sums of money, perhaps not even living in the UK, is trying to buy politics.

“I’m fearful of the influence of two people, whatever their background is on politics.”

Reform rejected suggestions that the donations were connected to its policies on cryptocurrency.

‘Proper regulation’

The party’s Treasury spokesman Robert Jenrick said he wanted to see “proper regulation” of the industry, describing the current situation as a “wild west in many respects”.

He said there was an economic opportunity for the UK from cryptocurrency but added: “That’s not what we’re doing here with these donations.”

Mr Jenrick said the money would allow Reform to build its team and prepare for government, insisting both donations complied with existing law.

Reform has previously backed cryptocurrency-friendly policies, including cutting taxes on crypto assets and establishing a “Bitcoin reserve”, and the party accepts donations in cryptocurrency.

Mr Harborne, who is based in Thailand, said his £36 million donation was a “philanthropic gift to our country”, while Mr Delo said his contribution was intended to create a “level playing field” between Reform and other parties.

Mr Harborne has also previously given £5 million personally to Reform leader Nigel Farage, whose failure to declare the gift is being investigated by the Parliamentary Standards Commissioner.

Reform said neither donor would receive a knighthood, peerage or government contract if the party came to power and insisted they wanted “nothing” in return.

Mr Farage said the money would be used to ensure Reform was ready to form a government at the next general election.

Cap

The donations have intensified calls for limits on the amount individuals can give political parties.

Communities Secretary Angela Rayner said on Sunday that the UK Government had not ruled out introducing a cap, saying ministers wanted to ensure individuals could not “overpower and buy their way into democracy”.

She said a taskforce was considering how any restrictions could be implemented and potential loopholes prevented.

MPs last week backed measures including a £100,000 cap on donations from overseas voters and a suspension of political funding through cryptocurrency, although the legislation still needs to pass through the House of Lords.

The £72 million donations come after a difficult summer for Reform which included the launch of a criminal investigation into allegations the party breached political donation rules.

Reform denies wrongdoing and has said it will co-operate fully with the investigation.

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