Shadow Chancellor Rachel Reeves hinted at potential limitations on political donations after Reform received £72 million from crypto-billionaires Ben Delo and Christopher Harborne. During an interview with Laura Kuenssberg, Rayner suggested that ministers could still introduce a cap to prevent “loopholes” allowing large sums of money to influence UK politics. The government is examining how such a cap would function, especially in light of Philip Rycroft’s review proposing limits on overseas donations to £100,000 per year and back-dating these rules to cover gifts since March 25.
Written by the local model on 2026-09-13,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Reform UK, led by Nigel Farage, received two record-breaking donations totaling £72 million in just two days, with Christopher Harborne and Ben Delo each contributing £36 million. Harborne is based in Thailand while Delo was previously involved with BitMEX. This unprecedented influx of funds, more than the total received by all UK political parties last year, aims to prepare Reform for government, though it has raised concerns about foreign influence and potential legal loopholes. The donations have sparked calls for caps on individual donations, including from Labour figures who argue they prevent wealthy individuals from "buying their way into democracy." Reform asserts that the donations are legal and will help them compete with larger established parties like Labour and Conservatives in future elections.
Written for “Reform UK Donations Controversy” on 2026-09-14,
grounded in this article and the 6 other(s) covering the same event.
The twin £36 million donations from Ben Delo and Christopher Harborne have reignited calls for a cap on donations, which Andy Burnham is said to have previously supported.
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Burnham → reignite → which
Ms Rayner suggested on Sunday this was due to concerns about “loopholes”, as she left open the possibility that ministers could still introduce a cap.
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ministers → suggest → cap
She told the BBC’s Sunday With Laura Kuenssberg programme: “It’s not as simple as we’re saying we won’t put a cap.”
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we → tell → cap
The Government has told officials to examine how a cap would work, with Ms Rayner saying she wanted to stop people “being able to overpower and buy their way into democracy”.
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people → tell → democracy
In her interview, she also appeared to hint that Reform could be made to return the money due to new rules on overseas donations that will be back-dated to cover gifts since March.
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that → appear → March
The rules, which limit donations from overseas electors to £100,000 per year, were proposed in a review by former civil servant Philip Rycroft aimed at countering foreign influence in UK politics.
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which → limit → politics
They also apply to donations made in the first year that someone moves back to the UK.
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someone → apply → UK
Mr Delo has been based in Hong Kong but said in April he would return to the UK to avoid restrictions on overseas donors, while Mr Harborne is based in Thailand.
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Harborne → base → Thailand
Ms Rayner told the BBC: “With the retrospective action, anyone that’s received donations that don’t comply with what was in the Rycroft review, what legislation is currently going through Parliament, would have 60 days to return that money.
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legislation → tell → money
“That is not for those individuals, let me be really clear, I do not understand those individual circumstances, but that the retrospective action will apply from March 25.”
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action → let → March
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He said: “These two donations are entirely in line with the law as it is, and as far as we know, the law as it’s going to be in the future.”
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it → read → future
The twin donations offer Reform a boost after a difficult summer that included the launch of a criminal investigation into allegations it breached rules on political donations and a parliamentary probe into a separate £5 million gift from Mr Harborne to party leader Nigel Farage.
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it → offer → Farage
Mr Farage has said he intends to use the £72 million to fund “the best research and policy department British politics has ever seen” and recruit “the best minds in every area” to prepare for government.
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politics → say → government
Reform has also insisted the two men want “nothing” in exchange for the donations, and will not receive a knighthood, peerage or government contracts.
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men → insist → knighthood
Mr Farage has long been a supporter of the cryptocurrency industry, and his party has announced a number of crypto-friendly policies.
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party → announce → policies
Last year, Reform said it would slash taxes on crypto assets and set up a “Bitcoin reserve”, while the party also accepts donations in cryptocurrency.
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party → say → cryptocurrency
But on Sunday, Mr Jenrick denied his party was “very pro-cryptocurrency”, saying he wanted to see “proper regulation” of the industry.
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he → deny → industry
He told the BBC: “At the moment, it’s a wild west in many respects.
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it → tell → respects
What we want to see is good regulation here in the UK through the FCA (Financial Conduct Authority) so we can protect people.”
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we → want → people
Shadow foreign secretary Tom Tugendhat played down the potential impact of the money, saying it was “an illusion that people can buy their way into public office”.
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people → play → office
Mr Tugendhat also criticised the cryptocurrency industry, telling Sky News: “The crypto industry has got many supporters, I know, including in Iran where they use it to buy weapons from Venezuela; including in Russia where they use it to launder money in order to pay agents around Europe.”
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they → criticise → Europe
The Liberal Democrats have called for “emergency legislation” to impose a cap on donations.
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Democrats → call → donations
The party’s Cabinet Office spokeswoman Lisa Smart said the donations to Reform exposed “a dangerous flaw in our democratic system”, adding: “People across the country will rightly ask whose interests Nigel Farage truly represents.”
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Farage → say → interests
