Labour Must Act Now to cap political donations after Reform receives £72m from crypto billionaires in 48 hours
Welsh Liberal Democrat MP David Chadwick has accused Labour of leaving Britain’s democracy open to the influence of billionaire donors by failing to introduce a cap on political donations, after Reform UK received £72 million from two crypto billionaires in just 48 hours.
The Welsh Liberal Democrats said the unprecedented sums being handed to Reform demonstrate why no individual should be able to donate tens of millions of pounds to a political party.
The Party have argued that no matter your political opinions, individual billionaires having such influence over our democracy should worry everyone in Wales and the wider UK.
They have called on the Labour Government to introduce a cap on individual political donations, warning that without one Britain risks allowing a tiny number of billionaires to wield vastly disproportionate influence over the country’s politics.
The criticism comes after Labour MPs joined the Conservatives and Reform UK earlier this month in voting against Liberal Democrat proposals for a Commission to renew British democracy, which would have considered measures to get big money out of politics and clean up the political system. Plaid Cymru MPs voted to back Liberal Democrats' plans.
Reform UK announced on Friday that it had received a £36 million donation from crypto billionaire Ben Delo, followed on Saturday by a further £36 million donation from Christopher Harborne.
Welsh Liberal Democrat Westminster Spokesperson David Chadwick MP said:
“£72 million from just two billionaires in 48 hours should be a massive wake-up call. Billionaires should not be able to buy British or Welsh democracy. This is why the Welsh Liberal Democrats have been calling for a cap on donations for years.
“Nigel Farage appears to be trying to get into Number 10 as if it were a stop on a Monopoly board, backed by eye-watering sums of money from a tiny handful of incredibly wealthy donors.
“But Labour cannot simply complain about the influence of big money in politics while refusing to change the rules that allow it to happen.
“They are in government. They have the power to introduce a cap on political donations and stop our politics becoming increasingly dependent on who can attract the biggest cheques from billionaire backers.
“Instead, when we proposed a Commission to clean up our politics, Labour MPs joined Reform and the Conservatives in voting against it.
“People should be able to look at our democracy and know that their voice matters regardless of how much money they have in the bank. Nobody should be able to buy themselves an outsized influence over British politics simply because they are incredibly wealthy.
“Labour needs to act. Introduce a cap on political donations, get big money out of our politics and make sure our democracy belongs to voters, not billionaires.”
ENDS