Reform UK draws £7mn from crypto donors in first quarter

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Ashutosh Sureka

9 hours ago

Reform UK draws £7mn from crypto donors in first quarter — Reform UK leads crypto funding

Britain's political funding landscape is showing a widening gap between Reform UK and its main rivals as Nigel Farage's party attracts large cheques from a small group of wealthy backers. In the first quarter of 2026, Reform raises £9.2mn in total, far ahead of the Conservatives' £4mn and Labour's £3.9mn.

Highlights

Reform UK raises £7mn in Q1 2026, led by £3mn from Christopher Harborne and £4mn from Ben Delo, outpacing Labour and Conservatives.
New £100,000 cap on annual political donations from British expatriates prompts Harborne and Delo to explore returning to the UK or legal action to maintain support.
Reform's top-heavy funding from billionaire donors contrasts with its poll lead at 25 per cent versus Conservatives at 18 per cent and Labour at 17 per cent.

Crypto backing drives Reform fundraising lead

As reported by Financial Times, Reform UK receives £7mn from crypto billionaires in the first quarter of 2026, including £3mn from Christopher Harborne and £4mn from Ben Delo.

Harborne, Nigel Farage's biggest backer, makes the latest donation before the government-imposed £100,000 annual cap on political donations from Britons living abroad takes effect after being announced in March. Harborne, who is based in Thailand, says he will seek ways around the cap, either through a court challenge or by returning to the UK.

Delo, a cryptocurrency entrepreneur who has lived in Hong Kong since 2012, says he will move back to the UK in order to financially support Farage's party. Reform also receives £1.1mn from biotech entrepreneur David John Grainger, £150,000 from former Conservative donor Bassim Haidar and £250,000 from Navroz D Udwadia, co-founder of asset manager Alpha Wave.

Funding concentration shapes party competition

These donations highlight how heavily Reform depends on a handful of billionaire supporters even as it outpaces the fundraising of Labour and the Conservative Party. The party is currently leading opinion polls with about 25 per cent support, ahead of the Conservatives on 18 per cent and Labour and the Greens on 17 per cent.

Farage is also under investigation by the parliamentary commissioner for standards over a £5mn cash gift from Harborne two months before the 2024 general election that he did not declare in his register of MPs' interests. Farage says the money is a gift unrelated to his political activities and therefore does not need to be registered.

The Conservatives receive £4mn in the quarter, including a £1.1mn bequest and £250,000 from property developer and entrepreneur Kamal Pankhania. Labour receives £550,000 from longtime backer Lord David Sainsbury as well as donations from businessman Gary Lubner and £250,000 from Danny Luhde-Thompson, co-founder of hedge fund Quadrature Capital, while the Green Party receives £250,000.

Our earlier report on Reform UK’s crypto-backed fundraising surge noted that the party widened its lead over Labour and the Conservatives after taking in millions from donors Christopher Harborne and Ben Delo. We also highlighted the added scrutiny around Nigel Farage’s finances and the government’s plans to tighten political funding rules, including limits on overseas donations and restrictions on crypto contributions.

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