The UK Labour government is moving ahead with legislation to restrict large political donations from wealthy overseas-linked donors, according to Bloomberg. Deputy Prime Minister and Housing Secretary Angela Rayner said the proposal would cap annual donations from British citizens living abroad at £100,000, apply the rule to people who have only recently returned to the UK, and claw back past donations that breach the new limits. Funds found to be in violation would have to be returned within 60 days.
The move follows two record-setting donations to Nigel Farage’s Reform UK from crypto billionaires within 24 hours. Crypto investor Christopher Harborne donated £36 million, about $48.7 million, on Saturday, matching a donation made the previous day by BitMEX co-founder Ben Delo. Together, the two gifts totaled £72 million, or about $97.4 million. Bloomberg said the donations were tied for the largest individual political donations in British party history. Harborne is also an investor in stablecoin issuer Tether and crypto trading platform Bitfinex.
The UK Labour government is advancing legislation to limit large political donations from wealthy donors based overseas, according to Bloomberg.
Deputy Prime Minister and Housing Secretary Angela Rayner said the proposed bill would set a £100,000 annual cap on donations from British citizens living abroad. The measure would also apply to people who have recently returned to the UK, and it would reach back to past donations. Any funds found to be in breach would need to be returned within 60 days.
The push comes after two crypto billionaires made record-matching donations to Nigel Farage’s Reform UK. Crypto investor Christopher Harborne donated £36 million, about $48.7 million, to the party on Saturday. That matched a donation made the previous day by BitMEX co-founder Ben Delo.
The two donations totaled £72 million, or about $97.4 million, within 24 hours. Bloomberg said they were tied as the largest individual political donations in the history of British political parties.
Harborne is also an investor in stablecoin issuer Tether and crypto trading platform Bitfinex.
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