Reform UK party’s record donations at risk under British election funds review

• Reform UK’s record £72 million donations face threat due to a UK Electoral Commission review of campaign spending limits and potential new rules on overseas donations.
• The review aims to check if spending caps, currently £34 million per year, fit modern campaigning and could significantly affect future election funding.
• Donors include cryptocurrency investors who relocated to the UK to avoid restrictions; Reform plans legal challenges if new donation caps are applied retroactively.

LONDON – Record donations secured by Nigel Farage’s insurgent Reform UK party are under threat from a looming election rules review by the UK watchdog that may cut spending limits.

The chief executive of the Electoral Commission told The Sunday Times that the reassessment was essential to gauge whether current rules “remain fit for purpose”, noting that campaigning had changed significantly in recent years. 

Areas of focus include the limit on how much political parties can spend in campaigns, along with the time covered by the cap, which is currently a year before a general election. 

Under current rules, no party can spend more than £34 million (S$58 million) in the 12 months before polling day. 

The scrutiny comes after Reform recently accepted two record £36 million donations from individuals which could be inadmissible under proposed legislation by Labour to retroactively cap overseas political donations. Further restrictions may make it more challenging for Reform to spend the £72 million it received in September.

The donations are more than Labour and the Conservatives combined spent fighting the last election, and have reignited debate about the role of funding in politics. The elections watchdog was asked by the government over the summer to commence a review of political campaign spending limits. 

Electoral Commission chief executive Vijay Rangarajan said in his statement to The Sunday Times that a review “will look across the campaign spending framework as a whole, including spending limits, the interaction between party and candidate spending, and the reporting requirements that support public confidence in the system”.

He said that any changes to spending limits could have “significant implications” for those planning for future elections.

The donations pledged to Reform came from cryptocurrency investors Christopher Harborne, who was until recently based in Thailand, and Ben Delo, founder of the cryptocurrency platform BitMEX, who relocated back to the UK from Hong Kong earlier in 2026 explicitly so that he could fund the party without falling foul of any restrictions. 

Farage’s party has already signalled a willingness to take up a legal fight over the donations, including a potential challenge under the European Convention on Human Rights if the government’s effort to retroactively cap overseas political donations is successful.

Rangarajan is due to give recommendations in July 2027, and said the commission will develop recommendations that “strengthen public confidence” in the democratic system. The UK’s next national election must be held by August 2029. Bloomberg