Reform UK has received a record-breaking total of £72 million (approximately $136 million) in donations from two cryptocurrency billionaires, Christopher Harborne and Ben Delo, signaling a significant boost to the party’s preparations for the next general election. Each billionaire contributed £36 million, surpassing previous donation records in British politics. With these contributions, Reform UK’s declared fundraising now totals about £102.5 million, well ahead of the Conservative Party, which raised roughly £14.5 million, and Labour, at about £11.7 million, over the past year.
Nigel Farage, leader of Reform UK, characterized the donations as crucial for readying the party to form a government. He emphasized that these funds would support an extensive research and policy team to develop costed, workable policies, as well as the recruitment of hundreds of campaign managers in targeted constituencies and legal experts to draft legislation. The party has also upgraded its canvassing infrastructure, including the ReformPro software, complemented by increased personnel for door-to-door outreach aimed at identifying persuadable voters well ahead of the election.
Reform UK’s strategic approach includes a focus on both ground and digital campaigning. The party plans substantial investments in local organisers primarily in winnable seats, targeting voters through direct mail campaigns and robust social media advertising on platforms like YouTube and Facebook. This early and sizable deployment of resources diverges from typical party tactics, which tend to intensify closer to election dates, potentially giving Reform UK a head start in voter engagement.
The donations have prompted varied responses from other political parties. Conservative leader Kemi Badenoch acknowledged the challenge but stated that monetary advantage does not guarantee effective leadership, saying, "You can buy staff and advertising, but you can’t buy judgment or integrity." Labour responded by appealing directly to its members for increased financial support, framing the large donations to Reform UK as unprecedented and a "call to action" for their base.
The two major donors come with notable backgrounds. Christopher Harborne amassed his wealth through aviation, defense, and cryptocurrency ventures. Prior to the 2024 election, he also provided a £5 million personal gift to Farage, which is currently under investigation by the parliamentary standards watchdog. Ben Delo co-founded the BitMEX crypto exchange and previously pleaded guilty in the United States for inadequate anti-money laundering controls; he was pardoned by former President Donald Trump in 2023. Both donors have stated their contributions come without demands for policy influence or personal gain.
The scale of Reform UK’s funding has reignited debates within Labour and other parties about the need for legal caps on individual political donations. Meanwhile, the Metropolitan Police are investigating some donations to Reform UK, though Farage and party officials have denied any wrongdoing.
Reform deputy leader Richard Tice defended the party's stance on cryptocurrency, suggesting that embracing digital currency is recognition of its permanence rather than a reflection of donor influence. The escalating funding dynamic underscores a shifting landscape in UK politics as parties prepare for a potentially early general election, with Reform UK positioning itself as a formidable contender.