One intriguing element of the battle on the right is the arms race for donations. Twelve months ago, Kemi Badenoch’s supporters could point to her prowess in this field; the Tory leader managed to raise £3.3 million in the first three months of 2025. By contrast Reform UK, the pop-up party, were struggling to keep the lights on for much of 2024. They received just £280,000 large donations in the final quarter that year – less than the moribund Communist Party of Great Britain registered.
Indeed, when I interviewed Nigel Farage last May, he wondered aloud just how the Tories were still able to raise so much money, given their diminished political fortunes. Fast forward to the beginning of 2026 and Reform can boast a different story. Speaking backstage at the Newark rally to mark Jenrick’s defection, Farage said he was expecting a ‘very, very, very good quarter’ for the first three months of this year. That reflects both Reform’s polling strength and a beefed-up fundraising team, led by Nick Candy, the Honorary Treasurer, and Charlton Edwards.
There are, broadly, three types of donors. The first are those who once gave generously to the Tories but who have now switched parties such as Bassim Haidar. The second are those who prefer to keep riding both horses: Lord Bamford being one such example, having given £200,000 to both the Tories and Reform in November. Then the final group are perhaps the most intriguing: new donors who are now getting involved in British politics. Some are drawn to Farage’s personality; others to his stance on issues like cryptocurrencies. The profile which he began to build on YouTube in the late 2000s has garnered him international contacts beyond the reach of normal UK politicians too.
The profile which Farage began to build on YouTube in the late 2000s has garnered him international contacts beyond the reach of normal UK politicians.
One donor to the Reform leader is Sasan Ghandehari, an Iranian-born British investor who covered the £50,000 cost of Farage’s trip to Davos. Separately, Interior Architecture Landscape (IAL) – which counts Ghandehari and his family as a major client – has given £200,000 to Reform in donations. IAL shares a director with Orico General Trading, which has pushed to update Iran’s internet backbone infrastructure as part of the Europe-Persia Express Gateway. Farage is a long-time critic of the current regime in Tehran, where internet access has been a major factor in the recent popular uprisings.
Reform are prudent to try and register these donations as soon as possible. Labour MPs are growing increasingly vocal in their demands that the government act to update the law on political donations. Matt Western, the chair of the national security committee, has tonight demanded that a temporary ban be enforced on crypto donations. Labour’s long-awaited Elections Bill was given its First Reading a fortnight ago. We can expect to see a big push from the backbenches to try and close various perceived ‘loopholes’ when the legislation returns to the House at Second and Third Reading.
Of course, money in politics does not guarantee success. Just look at Laurence Fox’s Reclaim party, which received £4 million from Jeremy Hosking for little impact. But given Farage’s ‘double or quits’ strategy of May, with Reform pouring money into seats and taking over a second floor of Milbank Tower, having it sure does help.
Comments