Reform UK’s record donations face risk from election spending review

The Electoral Commission in the UK is reviewing political campaign spending rules ahead of future elections, which could impact record donations received by Nigel Farage's Reform UK party, Bloomberg reported. The Commission is assessing whether existing rules remain suitable for purpose, including scrutinizing limits on party expenditure, the connection between party and candidate spending, and reporting obligations.

According to current regulations, political parties can spend no more than £34 million during the 12 months before a general election. However, Reform UK recently accepted two £36 million donations, bringing the party's total new funding to £72 million. This surpasses the combined expenditure of Labour and the Conservatives during the last general election.

The donations originated from cryptocurrency investors, Christopher Harborne and Ben Delo, who founded crypto platform BitMEX. Proposed legislation could impose a £100,000 annual cap on overseas contributors and apply retroactively to certain transactions starting from March 25, 2026. This legislation could potentially limit the funds available to Reform UK.

The party has indicated it might take legal action if the government's attempt to restrict overseas political donations affects its contributions. The Commission's review is expected to deliver recommendations in July, and the next general election must occur by August 2029.