New legislation will restrict Reform UK’s biggest source of money

Not only is Reform UK ahead in the polls, it is leading the field in the competition for cash. In 2025 the populist right-wing party received more in large donations—that is, those above the cumulative £11,180 ($15,010) reporting threshold for a single year—than any other British party (see chart). It raised over £18.6m, roughly double Labour’s total and £5m more than the Conservatives. Three of Reform’s five largest individual donors previously donated to the Tories. The Green Party mustered a paltry £350,000.

But even among these big benefactors, Reform’s donor pool is top-heavy. In 2025 the Tories brought in nearly 600 donations, with a median value of £5,000 each (part of gifts above the cumulative reporting threshold). Nigel Farage’s lot attracted only 196 donations, but with a median of £19,000. And two-thirds of Reform’s money came from one individual, Christopher Harborne, a Thailand-based crypto billionaire, who contributed £12m. That is more than the combined total of the next ten biggest donations by a company or individual to any party. It is thanks to Mr Harborne that Mr Farage became the first leader of a major European party to accept crypto donations.

Yet the Labour government plans to restrict the inflow of foreign money to political parties. Last month it published a review of foreign influence in British politics written by Sir Philip Rycroft, a civil servant. Two key recommendations have been included in the Representation of the People Bill (which, among other reforms, will extend the right to vote to 16-year-olds). The first is a moratorium on crypto donations, pending greater transparency for such transactions. The second would impose a £100,000 cap on donations from British citizens living abroad—such as Mr Harborne. After these changes Mr Harborne would be eligible to donate less than 1% of his 2025 total.

Sir Philip says the intention of his paper was not to target any single political party. But, conveniently for Labour, the twin recommendations will have most impact on the party it now sees as its main rival. How much this will end up hurting Reform remains to be seen. Another foreign-based crypto billionaire, who donated £4m to Reform early this year, has said he will return to Britain just so he can continue to donate to the party. ■