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The Rise of Mega-Donors in UK Politics Keir Starmer may be relaxed about allowing millions from cryptocurrency billionaires to flow into Reform UK's coffers, but Labour MPs are tearing their hair out every time the quarterly data on electoral finance drops. The Scale of Donations The latest figures show a further £7m went to Reform UK from just two men, Christopher Harborne and Ben Delo. To put that in context, Labour managed to raise £6m from all private donors in the first quarter of 2024 – just before the last election, when the party's fundraising power was at its peak. The Data Analysis Harborne, a crypto and aviation fuel investor based in Thailand, has given £15m to Reform and £5m to Farage personally. Delo, who co-founded the BitMEX trading platform, is the UK's youngest self-made billionaire and has given significant donations to Reform UK. The Impact Analysis The mood among many backbenchers about Reform's riches is panicked. 'It is unsustainable,' says another Labour MP, who would back any amendment to the government's new electoral finance bill to broaden the cap on overseas donors to all donors regardless of location. The Prediction Despite the opportunity of the new electoral finance bill, there is very little optimism among campaigners that the government will change its mind about a cap, or even an annual spending limit. However, some believe Andy Burnham, who backs electoral reform and a more consensual politics, may be more sympathetic to the idea of getting big money out of Westminster once and for all.

Ben Delo, a British billionaire convicted in the US for failing to implement adequate anti-money-laundering controls in his cryptocurrency business, has donated £4m to Reform UK, the party founded by Nigel Farage. Delo, who is now based in Hong Kong, made the donation since the start of the year, before the government's cap on donations to political parties by British citizens living abroad.Delo, 42, who was pardoned by Donald Trump last year, is moving back to the UK and therefore will not in future be subject to the new rules for donors. He explained his motivations for turning to Reform UK, saying England was his home and that “the biggest obstacle to national recovery is the entrenched self-deception of our elites”.In his article for the Telegraph, Delo wrote that he had donated £4m to help Nigel Farage build Reform UK into a “genuine alternative party of government”. He cited his dissatisfaction with the current political culture, stating that “the official culture of government now forces everyone to be chronically dishonest”, citing expression of views on transgender people.Delo was convicted in the US in 2022 after pleading guilty to violating the Bank Secrecy Act by failing to implement adequate anti-money-laundering controls at BitMEX, the trillion-dollar cryptocurrency exchange he co-founded. He has poured more than £100m into philanthropy and supports more than 50 organisations ranging across the political spectrum and public life.Nigel Farage welcomed Delo's support, saying it would help Reform attract more of the skills and talents needed to get ready for government. “Ben’s support will help Reform attract more of the skills and talents we need to get ready for government,” Farage told the Telegraph.