Reform UK has received a £36m donation from British cryptocurrency billionaire Ben Delo, setting a new record for the largest single donation ever given to a UK political party.

Writing in the Daily Telegraph, the Sheffield-born businessman said he plans to support the party at a rate of £1m a month between now and 2029, the latest date Labour could call a general election. Rather than making monthly payments, Delo decided to hand over the entire £36m sum upfront in case the government attempts to introduce limits on mega-donations in the future.

Delo, who had already given £4m to Reform, explained his motivation by stating that he wanted to see a "fair fight and a level playing field". In his newspaper piece, he wrote: "Unlike the people who express mock concern for the health of 'our democracy' while doing everything they can to keep it as a cartel, I want a fair fight and a level playing field." He added that Reform should spend less time raising funds to compete and "more time preparing for government."

Under current electoral rules, there are no limits on the amount of money UK-based donors can give to political parties. Delo, who received an unconditional pardon from US President Donald Trump last year over a Bank Secrecy Act violation, has previously said he will relocate back to the UK from Hong Kong so he can continue backing Reform.

The donation comes amid growing political tension over party funding rules. Labour previously brought in a £100,000 cap on donations from British citizens living abroad, a move that prompted a furious row with Reform and its donors, who accused the government of trying to halt their momentum. Ministers are also seeking to prevent overseas voters who move back to Britain from donating more than £100,000 for a year after arrival, through the Representation of the People Bill.

The £36m gift significantly outstrips all previous benchmarks in British politics. Last year, Thailand-based cryptocurrency investor Christopher Harborne gave £9m to Reform, which was the previous record for a living donor. The Conservatives previously received a £10m bequest from a deceased supporter, but that figure has now also been eclipsed.

This substantial cash injection arrives at a time when Reform's finances are facing intense regulatory and legal scrutiny. Police recently launched an investigation into allegations that the party broke foreign funding laws, following a broadcast by Channel 4 News. Reform UK has denied any wrongdoing and stated that it will co-operate fully with the inquiry.

Nigel Farage is also being investigated by the parliamentary standards commissioner regarding a £5m cash gift he received from Christopher Harborne ahead of the 2024 election. Farage has argued that he was not required to register the money upon becoming an MP because it was a "purely private" gift unrelated to his political or parliamentary duties.

Alongside those inquiries, the Metropolitan Police is examining whether payments made to Reform in the weeks before the general election complied with donation laws. That investigation is looking at direct donations from Fiona Cottrell—mother of Farage ally George Cottrell—as well as £1m she paid in June 2024 to a company controlled by Reform deputy leader Richard Tice.

The record sum has drawn sharp criticism from political opponents. Liberal Democrat Cabinet Office spokesperson Lisa Smart responded by arguing that Farage wanted to "bring Trump's America to our shores by buying his way into power."

What we do not know yet is how the government will respond to upfront mega-donations of this scale, or what conclusions the ongoing police and standards inquiries will reach. The Representation of the People Bill has its second reading in the House of Lords on Monday, and I will be following this one closely—check back for updates as the situation develops.