Crypto billionaires £72m Reform donations spark donation cap debate

Two cryptocurrency billionaires have donated a combined £72 million to Reform UK, triggering a major political debate about capping political donations and raising questions about the legality of the funds under proposed retrospective rules. Christopher Harborne and Ben Delo each contributed £36 million to the party, with the total representing three-quarters of the amount spent by all parties combined at the last general election. The donations have intensified calls from trade unions and some Labour figures for the government to impose a cap on domestic political donations. Paul Nowak, general secretary of the Trades Union Congress, warned the situation represents a crisis for our democracy and urged the government not to allow the political system to be captured by corporate interests. Unite union general secretary Sharon Graham also called for a cap, suggesting donations from trade unions should be exempt. The government is already planning to tighten residency rules for donors. A proposed £100,000 annual cap on donations from overseas electors, backdated to March 25, 2026, could potentially affect the donations.