Key facts
- Labour MPs are pushing for a ban on cryptocurrency donations.
- An amendment seeks to reduce campaign spending limits from £34m to £24.4m.
- A proposal aims to limit the initial setup funds for political parties.
- Checks on donations to assess foreign interference risk are proposed.
- The moves follow controversy over the funding of Reform UK, including cryptocurrency entrepreneur Christopher Harborne.
MPs have expressed frustration after the government rejected over a dozen proposals aimed at stimulating UK investment. Simultaneously, Labour MPs are preparing to rebel next week, advocating for stricter political funding reforms. These proposed amendments to the Representation of the People Bill include a permanent ban on cryptocurrency donations, a significant reduction in campaign spending limits, and new checks on donations to prevent foreign interference.
Liam Byrne, chair of the business select committee, is championing the cryptocurrency donation ban, citing concerns over financial oversight and the integrity of UK democracy. Anneliese Dodds, a former Labour minister, has proposed lowering the campaign spending cap from £34 million to £24.4 million, arguing for more reasonable limits amidst an 'arms race in funding'. Other proposals include restrictions on initial party setup funds and enhanced scrutiny of donation sources.
The push for these changes comes amid ongoing controversy surrounding the funding of Reform UK, particularly concerning millions of pounds from cryptocurrency entrepreneur Christopher Harborne and other businessmen. Several transactions involving these individuals and Reform UK's leadership were reportedly flagged by bankers to the National Crime Agency due to concerns about the money's origin.