How Reform UK Outraised Labour and the Conservatives in 2024—and What It Means

Reform UK collected £10.3 million in donations between July and September 2024, more than double what Labour raised and more than twice what the Conservative Party brought in during the same quarter. According to Bloomberg, this made Nigel Farage's populist party the best-funded British political party in that three-month period. Labour, the party actually in government, raised only £2.2 million. The Conservatives managed £4.7 million.

The shift is striking. Two donations powered Reform UK's haul: £9 million from Christopher Harborne and £4 million from Ben Delo, a cryptocurrency entrepreneur. Together, they accounted for roughly 87 percent of the party's quarterly total—a concentration of wealth that tells us something important about how Reform UK finances itself, and how British politics may be changing.

The Crypto Connection

Ben Delo co-founded BitMEX, a cryptocurrency trading platform. In the United States, he pleaded guilty to breaking the Bank Secrecy Act, a law designed to prevent money laundering. His platform, authorities alleged, did not have proper safeguards to keep American customers from trading there, despite rules against it. In late 2024, President Donald Trump issued Delo a presidential pardon.

Now Delo is moving to Britain, and he donated £4 million to Reform UK. His gift marks one of the largest single donations to a British political party in recent years, and it signals something worth paying attention to: cryptocurrency wealth is increasingly flowing into Western politics. During the 2024 US election, crypto executives became major Republican donors. Delo's contribution suggests that pattern is arriving in Britain.

According to Financial Times reporting, Delo's relocation aligns with Reform UK's emphasis on economic nationalism—the idea that Britain should prioritize its own economic interests. Whether his pardon history will become a political liability for Reform UK remains to be seen.

Christopher Harborne, the other major donor, made his wealth in property and aviation. He has long backed Brexit-aligned causes and Reform UK itself. His donations are part of a pattern: Reform UK increasingly relies on a small number of very wealthy individuals to finance its operations.

Why These Numbers Matter

The funding gap between Reform UK and Labour is especially striking because Labour actually won the July 2024 election and governs the country. One might expect the ruling party to raise more money. Instead, in Q3, Labour trailed by a factor of nearly five to one.

Several factors explain this. Governing parties often see a fundraising dip after an election, when donors' attention turns elsewhere. The Conservative Party, weakened after its July defeat and busy selecting new leadership, also struggled to raise funds. For Reform UK, by contrast, the post-election period meant momentum and interest from donors who see the party as ascendant.

The difference in funding models also matters. Labour and the Conservatives have traditionally relied on diverse sources: union donations, corporate sponsors, small-donor campaigns, membership fees. Reform UK's model is more concentrated—a handful of wealthy backers can move the needle dramatically. This makes the party nimble but also dependent on a small circle.

The broader context here is worth considering. Concentrated donor networks can shift political outcomes in ways that voters alone may not drive. When a few individuals can fund an entire political operation, their preferences and priorities carry outsized weight. This is precisely why Labour has proposed capping individual donations at £100,000 per year. Such a cap would force Reform UK to expand its donor base dramatically—from relying on two or three megadonors to needing roughly 103 maximum contributors annually to maintain its current funding levels.

The Bigger Picture

Reform UK's fundraising success echoes a pattern from the Brexit referendum. That campaign, too, was fueled by wealthy individuals who had not been traditionally involved in politics but who cared passionately about a single issue. Those donors proved that well-funded campaigns outside the established party system could reshape British politics. Reform UK has taken that template and refined it.

The party's breakthrough in the July election—winning significant vote shares in traditionally Conservative areas—also changed donor perceptions. Reform UK is no longer a marginal protest movement; it is a force that can contest elections seriously. That shift in perception opens doors to financing that was previously unavailable.

For the Conservative Party, this creates a problem. Reform UK is now competing for the same donors—particularly wealthy business figures who backed Brexit but have grown frustrated with Conservative economic policies. The funding gap suggests that some of these donors are shifting their support. For a Conservative Party trying to rebuild after electoral defeat, losing donor confidence to a rival right-wing populist movement is a serious setback.

As for Labour, the modest Q3 figures likely reflect a temporary lull. Governing parties typically raise more money over a full cycle, supported by corporate sponsors and other interests seeking access. The real test will come in subsequent quarters.

The rise of cryptocurrency wealth in British politics deserves attention. It represents new money entering the system, often from figures with limited ties to traditional business or political networks. Whether this diversifies British politics or concentrates power in new hands—among tech entrepreneurs and crypto executives—remains an open question.