Reform UK would have kept just 15% of donations under proposed £100,000 cap, analysis shows

Reform UK would have retained only 15% of the donations it received last year if a proposed £100,000 cap on political donations had been in effect, according to analysis shared with the Guardian. The study by Friends of the Earth, based on Electoral Commission data covering April 2025 to March 2026, assumes union affiliation payments would be exempt from the cap as recommended by the Phillips review.

Under the cap, Reform UK would have raised just £4.1 million compared to the actual £26.7 million. The party's average donation was £137,496 – nearly six times Labour's £23,406 and the Conservatives' £23,173, and 30 times the Liberal Democrats' £4,496. In contrast, Labour would have retained about three-quarters of its donations (£8.1m of £10.8m), the Conservatives just over half (£8.3m of £15.5m), the Lib Dems 90% (£5.2m of £5.8m), and the Greens would have been unaffected with their £468,000.

Reform UK would no longer be the best-funded party in Britain under the cap, as Labour, the Conservatives, and the Liberal Democrats would all have raised more. The analysis also found that Reform received £20.4 million from donors each contributing at least £1 million, compared to £3.1 million for the Conservatives and £2.6 million for Labour. Two billionaire donors – Christopher Harborne (who donated £15m) and Ben Delo – accounted for 71% of Reform's registered donation income. Harborne has said he believes he could challenge any cap in court.

The findings come ahead of Tuesday's report stage of the Representation of the People Bill, where Labour MP Stella Creasy is expected to table an amendment introducing a £100,000 cap. A Reform spokesperson defended the donations, calling the proposal a restriction on political participation that would entrench established parties. The GMB union has urged its affiliated Labour MPs not to vote for the cap. Friends of the Earth CEO Asad Rehman argued that democracy should not be for sale and that a cap would help ensure decisions are made in the public interest. A government spokesperson said the bill already includes measures against foreign interference.