Reform says £72m crypto donations fully comply with current law, Jenrick insists

Robert Jenrick has defended Reform UK's acceptance of £72 million in donations from two cryptocurrency entrepreneurs, asserting that the funds comply entirely with existing legislation governing political contributions.

The party's economic spokesman told a national broadcaster that Reform does not anticipate being required to repay any portion of the money from Ben Delo and Christopher Harborne, both British nationals who have resided abroad. Delo recently relocated to the United Kingdom from Hong Kong, while Harborne has been based in Thailand.

The government is pursuing legislative changes to restrict donations to UK political parties from British expatriates, proposing a £100,000 annual cap with a retrospective effective date of 25 March.

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,

Jenrick stated.

He added that one of the donors has taken steps to align with anticipated regulatory changes.

One of these two donors, Ben Delo, has actually returned to the UK, in part so that he can comply with the changes to the law.

Jenrick suggested that further legislative attempts to restrict Reform's fundraising would not surprise him, but maintained that the current donations remain lawful.

The two donors each contributed £36 million to the party within a two-day period, according to reporting on the donations. Delo framed his contribution as an effort to establish

a level playing field

and

a fair fight

for Reform at the next general election. Jenrick characterised both donors as motivated purely by policy alignment rather than seeking favours.

They are not buying anything, they simply support our agenda,

he said.

The combined £72 million now equals the record for the largest donations ever made to a UK political party. This represents a dramatic acceleration in Delo's support for Reform—earlier quarterly filings showed Delo had contributed £4 million in the preceding quarter, with no new contribution from Harborne in that same period.

Delo was previously convicted in the United States for failing to implement adequate anti-money-laundering controls at his cryptocurrency exchange. He had moved back to the UK from Hong Kong, according to reporting on his donation. Harborne had previously given £9 million to Reform in June, which was then the largest single donation to a UK political party by a living person.

What are the government's proposed changes?

The government intends to restrict donations from British citizens residing overseas and impose stricter limits on those who return to the UK. The new framework would cap donations from returning residents at £100,000 for at least a full calendar year before they can donate above the overseas limit, according to government announcements in July.

These measures were incorporated into the Representation of the People Bill following parliamentary approval this month. The legislation still requires scrutiny and approval from the House of Lords before becoming law.

Will the new rules apply to these donations?

Angela Rayner, the Housing Secretary, declined to specify whether the proposed restrictions would apply retroactively to Delo and Harborne's contributions.

I don't know the individual circumstances of those donors,

she said when asked directly.

However, Rayner confirmed that the government's proposed changes stem directly from recommendations made by Philip Rycroft, a former senior civil servant, in a review published on 25 March.

We said that because of the intention of the legislation and the recommendations, which we accepted, was known in the public domain that it would be retrospective to that date,

she explained.

The government has also written to the Electoral Commission, the independent body responsible for regulating political finance, to explore what additional measures may be necessary to safeguard democratic integrity. This suggests that further regulatory action could follow once the commission completes its review.

What happens next?

The Representation of the People Bill, which contains the donation restrictions, will proceed to the House of Lords for detailed examination and debate. The government's simultaneous engagement with the Electoral Commission indicates that additional protective measures may be introduced beyond the legislative framework currently under parliamentary consideration.

Key Facts:

• Ben Delo and Christopher Harborne each donated £36 million to Reform UK within two days, equalling the record for the largest donations to any UK political party
• Delo relocated to the UK from Hong Kong partly to comply with anticipated legal changes on political donations
• The government proposes capping donations from British expatriates at £100,000 annually, with a retrospective effective date of 25 March
• Returning UK residents would face a one-year cap of £100,000 before being permitted to donate above the overseas limit
• The Representation of the People Bill containing these restrictions still requires House of Lords approval