Oh God, What Now? Donations shock – Can Farage buy power for £72m?
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Sep 15, 2026 
Historian and political finance expert Seth Thévoz, journalist Marie Le Conte, and Guardian columnist Rafael Behr examine Reform’s extraordinary £72m crypto-backed war chest, donor loopholes, campaign spending and the struggle to regulate big money. They also explore candidate abuse, AI safety, Russia’s pressure tactics and Ed Miliband’s ambitious, values-led foreign-policy reset.
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The Crypto Billionaire Who Returned To Donate
- Crypto billionaire Ben Delo moved back from Hong Kong to Britain partly to qualify for donating to Reform.
- He previously pleaded guilty in the United States to failing to implement money-laundering controls at his crypto company.
How Reform Could Turn Donations Into Lasting Power
- Reform can spend freely before the final election period, creating opportunities to build its organisation well ahead of regulated campaigning.
- Seth Thévoz suggests investing in property could multiply the party’s funds rather than simply financing short-term advertising.
Why Political Fundraising Becomes An Arms Race
- Political spending usually matters only when one party dramatically outspends every competitor, not when parties differ slightly.
- This creates an arms race in which campaigns spend defensively because they fear rivals gaining an advantage.
