Rayner hints at donations cap after Reform given £72m by crypto-billionaires

Angela Rayner has suggested ministers could still impose a cap on political donations in the wake of Reform UK’s £72 million gifts from two crypto-billionaires.

The twin £36 million donations from Ben Delo and Christopher Harborne have reignited calls for a cap on donations, which Andy Burnham is said to have previously supported.

The Government did not accept amendments to its Representation of the People Bill last week that would have imposed a cap of £100,000 per year on donations from a single source.

Ms Rayner suggested on Sunday this was due to concerns about “loopholes”, as she left open the possibility that ministers could still introduce a cap.

She told the BBC’s Sunday With Laura Kuenssberg programme: “It’s not as simple as we’re saying we won’t put a cap.”

The Government has told officials to examine how a cap would work, with Ms Rayner saying she wanted to stop people “being able to overpower and buy their way into democracy”.

In her interview, she also appeared to hint that Reform could be made to return the money due to new rules on overseas donations that will be back-dated to cover gifts since March.

The rules, which limit donations from overseas electors to £100,000 per year, were proposed in a review by former civil servant Philip Rycroft aimed at countering foreign influence in UK politics.

They also apply to donations made in the first year that someone moves back to the UK.

Mr Delo has been based in Hong Kong but said in April he would return to the UK to avoid restrictions on overseas donors, while Mr Harborne is based in Thailand.

Ms Rayner told the BBC: “With the retrospective action, anyone that’s received donations that don’t comply with what was in the Rycroft review, what legislation is currently going through Parliament, would have 60 days to return that money.

“That is not for those individuals, let me be really clear, I do not understand those individual circumstances, but that the retrospective action will apply from March 25.”

Reform’s economic spokesman Robert Jenrick told the BBC his party did not believe it would have to return the money once the new proposals become law.

He said: “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.”

The twin donations offer Reform a boost after a difficult summer that included the launch of a criminal investigation into allegations it breached rules on political donations and a parliamentary probe into a separate £5 million gift from Mr Harborne to party leader Nigel Farage.

Mr Farage has said he intends to use the £72 million to fund “the best research and policy department British politics has ever seen” and recruit “the best minds in every area” to prepare for government.

Reform has also insisted the two men want “nothing” in exchange for the donations, and will not receive a knighthood, peerage or government contracts.

Mr Farage has long been a supporter of the cryptocurrency industry, and his party has announced a number of crypto-friendly policies.

Last year, Reform said it would slash taxes on crypto assets and set up a “Bitcoin reserve”, while the party also accepts donations in cryptocurrency.

But on Sunday, Mr Jenrick denied his party was “very pro-cryptocurrency”, saying he wanted to see “proper regulation” of the industry.

He told the BBC: “At the moment, it’s a wild west in many respects. What we want to see is good regulation here in the UK through the FCA (Financial Conduct Authority) so we can protect people.”

Shadow foreign secretary Tom Tugendhat played down the potential impact of the money, saying it was “an illusion that people can buy their way into public office”.

Mr Tugendhat also criticised the cryptocurrency industry, telling Sky News: “The crypto industry has got many supporters, I know, including in Iran where they use it to buy weapons from Venezuela; including in Russia where they use it to launder money in order to pay agents around Europe.”

Published: 13/09/2026 by Radio NewsHub