Written by: James Woolcock, Lucy White, Bloomberg
Translated by: Saoirse, Foresight News
Key Points:
The UK Reform Party, led by Nigel Farage, received £10.3 million in donations between July and September, the highest among all UK parties during the same period.
A record £9 million donation from cryptocurrency investor Christopher Harborne boosted the party’s coffers. Since the founding of the Reform Party, Harborne’s total donations have exceeded £22 million.
The massive donation has raised concerns about the influence of wealthy donors on politics. Transparency International UK is calling for an annual cap on individual political donations.
The UK Reform Party, led by Nigel Farage, received more donations in the third quarter than any other UK party, thanks to a record £9 million (about $12 million) donation from cryptocurrency investor Christopher Harborne—a sign that businesses and wealthy individuals are taking the party’s lead in the polls seriously.
According to Bloomberg’s compilation of UK Electoral Commission data, the populist party received £10.3 million in donations between July and September; the ruling Labour Party, led by Keir Starmer, received £2.2 million; the main opposition Conservatives received £4.7 million. These figures do not include public funds provided to opposition parties.
Nigel Farage delivers a speech in London on December 4. Photographer: Dan Kitwood (Getty Images)
Christopher Harborne is not only a major donor to the Reform Party, but has also regularly donated to the Conservatives (Tories) over the past 25 years. His latest contribution is the second-largest single political donation recorded by the UK Electoral Commission’s online database since its launch in 2001. In 2022, John Sainsbury left £10 million to the Conservatives upon his death, the largest single donation in the database.
Surge in Reform Party Donations
The £9 million donation energized Nigel Farage’s party:
Source: Electoral Commission
While quarterly political donation data is volatile, the Reform Party’s fundraising surpassing all other major UK parties indicates its rising status in the UK political landscape. Despite holding just 5 of the 650 seats in the House of Commons, the party has topped national polls since April and achieved significant victories in May’s local elections.
Electoral Commission data shows that the vast majority of the Reform Party’s new funds came from Christopher Harborne—since the party’s founding, he has donated more than £22 million to Nigel Farage and the Reform Party. In legal documents last year, Harborne revealed he holds a 12% stake in cryptocurrency exchange Bitfinex, which shares a parent company with Tether, the world’s largest stablecoin issuer.
Rose Zussman, Senior Policy Manager at Transparency International UK, said in a statement: “This record-breaking donation shows that UK parties’ dependence on a handful of super-wealthy individuals has reached alarming levels.” She called for an annual cap on individual political donations, adding: “When a single donation is this large, it only serves to reinforce the public’s belief that money speaks loudest in the corridors of power.”
In the crypto sector, Oscar Townsley, founder and CEO of Bitcoin derivatives trading firm A1X, donated £30,000 to the Reform Party for the first time. Other major donors include:
Claudia Harmsworth (wife of Daily Mail owner Jonathan Harmsworth), donated £50,000;
Bassim Haidar (Lebanese-Nigerian billionaire, frequent large donor to the Reform Party), donated another £130,000;
Nick Candy (property developer and current Reform Party treasurer), donated £490,000, bringing his total donations to the party to £990,000. He recently said he had fulfilled his £1 million donation pledge.
Nigel Farage and Nick Candy, Photographer: Betty Laura Zapata (Bloomberg)
In addition, Heathrow Airport Holdings, which runs the UK’s largest airport, sponsored the Reform Party’s annual conference with a £36,000 donation; the party also received a £100,000 donation from Sotheby’s UK’s real estate division, owned by former banker George Azar.
Political campaigns require funding to support national elections. The core question facing the Reform Party is whether it can turn its high poll numbers into actual electoral victories by the next general election, expected by mid-2029. In last May’s local elections, the party won hundreds of local council seats, two mayoralties, and control of 10 local governments. It is now aiming for further success in next May’s local elections, including the Welsh Parliament and Scottish Parliament contests.
With the UK’s two-party system breaking down, the “downtime” after a general election has become a “fundraising crunch period” as parties compete for local seats to prove their legitimacy. Polls show all five major nationwide parties have double-digit support, and the winner of the next election will likely need to form a coalition to govern.
Nigel Farage has said his goal is to make the Conservatives “no longer a national party,” but despite extensive lobbying, he has yet to attract most Conservative donors. Though Farage is polling strongly, treasurer Nick Candy’s previous pledge to “raise tens of millions for the party” has not yet materialized—even though he did attract some Conservative donors earlier this year and personally donated £500,000 this quarter.
Earlier this year, Elon Musk considered donating to the Reform Party, but after publicly supporting extremist Tommy Robinson on social platform X and clashing with the party leadership, no agreement was reached.
This article was produced with assistance from Emily Nicolle and Anna Irrera.
