Overseas funding capped and crypto donations blocked in blow to Reform UK

Legislation subject to MPs’ approval but will be backdated due to urgency of threat to UK democracy, says ministerUK politics live – latest updatesPolitical donations from British citizens living abroad are to be capped at £100,000 a year from Wednesday, in a move that is likely to limit further funding from Reform UK’s Thailand-based mega-donor, Christopher Harborne.In a hugely significant move, the government said it would introduce the strict cap, as well as a temporary ban on donations in cryptocurrency, in its new representation of the people bill.Requiring third-party campaigners to declare donations all year round, not just election periods, and allowing funding only from permissible donors.More stringent checks on the source of funds from political donors, bringing it more into line with know-your-customer checks in the financial services industry.Preventing donations from shell companies by ensuring funding is from post-tax profits rather than revenue.Requiring foreign consultant lobbyists to join the official register, from which they are currently exempt because they do not charge VAT.Banning foreign-funded political adverts outright. Continue reading...