Second cryptocurrency billionaire gives £36 million to Reform

Writing in the Daily Telegraph, Mr Harborne said the donation was “a philanthropic gift to our country” intended to help Reform prepare for government.

He said: “Whilst I have been making donations to Reform of around £1 million a month, Ben Delo told me he was going to make a record donation of £36 million.

“My competitive spirit inspired me to match it, so that is what I’ve done. And I hope others may join us.”

The donation means Mr Harborne retains his position as Reform’s largest donor, having already given £9 million to the party last August.

A separate £5 million gift from Mr Harborne to Nigel Farage is also at the centre of an investigation by the parliamentary standards watchdog after the Reform leader failed to declare it in his register of interests.

In his Telegraph article announcing the donation, the billionaire said the UK needed a “profitable and dynamic economy” to be able to address the three “existential threats” of nuclear war, AI and climate change.

His donation comes a day after it was reported Mr Delo had given £36 million to the party, saying it would ensure a “level playing field” between Reform and its opponents.

Mr Delo, who moved back to the UK from Hong Kong in order to avoid a proposed cap on donations from overseas voters, was pardoned by US President Donald Trump last year after a conviction for violating the US Bank Secrecy Act.

The Telegraph reported he had intended to give Reform £1 million a month up until the next election, but was donating the money in a lump sum in case the Government introduced a cap on all political donations.

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.

Backbench calls for a cap on all donations have not been successful.

The twin donations offer Mr Farage’s party a boost after a summer dominated by scrutiny of Reform’s finances, including 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.

Welsh Liberal Democrat Westminster Spokesperson David Chadwick MP said: “£72 million from just two billionaires in 48 hours should be a massive wake-up call. Billionaires should not be able to buy British or Welsh democracy. This is why the Welsh Liberal Democrats have been calling for a cap on donations for years.

“Nigel Farage appears to be trying to get into Number 10 as if it were a stop on a Monopoly board, backed by eye-watering sums of money from a tiny handful of incredibly wealthy donors.

“But Labour cannot simply complain about the influence of big money in politics while refusing to change the rules that allow it to happen.

“They are in government. They have the power to introduce a cap on political donations and stop our politics becoming increasingly dependent on who can attract the biggest cheques from billionaire backers.

“Instead, when we proposed a Commission to clean up our politics, Labour MPs joined Reform and the Conservatives in voting against it.

“People should be able to look at our democracy and know that their voice matters regardless of how much money they have in the bank. Nobody should be able to buy themselves an outsized influence over British politics simply because they are incredibly wealthy.

“Labour needs to act. Introduce a cap on political donations, get big money out of our politics and make sure our democracy belongs to voters, not billionaires.”