Reform UK has just taken the biggest political donation in British history

Ben Delo moved quickly as political donation rules could change

The cryptocurrency billionaire originally intended to spread the money over time, with £1m being handed to Reform every month until the latest possible date for a general election in 2029. 

He has now chosen to transfer the full amount immediately, amid the possibility that political donation rules could become stricter in the future.

Delo currently lives in Hong Kong but has said he plans to move back to Britain so he can continue supporting Reform. He has already donated £4m to the party.

Explaining his decision to the Daily Telegraph, the Sheffield-born businessman said he wanted to see a “fair fight and a level playing field”. 

Farage welcomed the announcement, saying he was “honoured and humbled” by the contribution.

Political parties can currently receive donations of any size from eligible donors based in the UK. There has, however, been discussion about introducing tighter limits. 

Labour has previously proposed a £100,000 cap for donations from British citizens living overseas, which could affect people in Delo’s position.

The businessman has also attracted attention in the US. Donald Trump granted him an unconditional pardon last year after Delo had been convicted of violating the Bank Secrecy Act.

The money arrives at an awkward moment

The size of Ben Delo’s donation could give Reform UK a major advantage as the party prepares for the elections and by-elections ahead. 

With £36m committed by a single donor, Reform now has the resources to maintain a large-scale campaign operation for years.

That could have an impact well before the next general election. The money could be used across contests taking place between now and 2029, including the upcoming by-election in Sir Keir Starmer’s former constituency, as well as the eventual general election.

The timing is particularly significant for Reform. Andy Burnham has only recently entered Downing Street, meaning the party now has the financial capacity to campaign against the new government throughout much of its early period in office.

But the donation also arrives as Reform’s finances face increased scrutiny. Police opened an investigation last week following allegations from a Channel 4 News report that the party breached laws governing foreign political funding. 

Reform has rejected the allegations and said it will co-operate with the investigation.

Farage is facing a separate investigation by the parliamentary standards commissioner over whether he should have declared a £5m cash donation from a Thailand-based cryptocurrency investor.