Key facts
- Labour hosted donors at Downing Street for a drinks reception.
- Reform UK received £72 million from crypto billionaires Ben Delo and Christopher Harborne.
- Trade unions are divided on implementing a cap on political donations.
- TUC General Secretary Paul Nowak called the donations a 'crisis for our democracy'.
- Unite General Secretary Sharon Graham backed a cap on individual donors.
- Labour's fundraising emails urged members to match Reform UK's financial backing.
Labour hosted major donors at Downing Street for a drinks reception on Tuesday, as the party faces increasing pressure from MPs and unions to consider restrictions on political donations. The event occurred as Reform UK revealed it had received £72 million from two crypto billionaires, Ben Delo and Christopher Harborne, over a 48-hour period.
Labour's chair, Bridget Phillipson, sent out fundraising emails to party members, urging them to contribute to counter Reform UK's significant financial backing. One email stated, "We cannot let less than a handful of extraordinarily wealthy crypto-billionaires simply drown Labour’s message out in elections to come."
Trade union leaders at the Trades Union Congress (TUC) are divided on the issue of capping political donations. While some, like Unite's general secretary Sharon Graham, support a cap on individual donors, others, such as GMB general secretary Gary Smith, expressed concern that such measures could impact trade union donations. The TUC emphasized that union funding, derived from workers' subscriptions, is the "cleanest money in politics."
Paul Nowak, the TUC's general secretary, described the donations to Reform UK as a "blatant attempt to effect a corporate takeover of our politics" that should "ring alarm bells."
Despite financial pressures, including a reported £2.6 million deficit last year and a significant drop in income from donations, Labour's outgoing general secretary, Hollie Ridley, reportedly told the party's national executive committee that finances were healthy due to spending discipline and increased fundraising.