UK politics increasingly funded by billionaires as mega-donations surge
Exclusive: A total £179m has been donated by wealthy individuals since 2019, research reveals
TL;DR
- Wealthy individuals have donated £179m to UK political parties since 2019.
- There has been a significant rise in mega-donations (over £1m), which have nearly tripled in annual average since 2019 compared to earlier periods.
- 72% of all £1m-plus individual donations since records began have occurred since 2019.
- Recent large donations include £72m to Reform UK from two crypto billionaires.
- Concerns about undue influence from wealthy donors have led to proposals for donation caps, with some suggesting limits of £100,000 or £500,000 annually.
- The government has acknowledged the issue and is forming a taskforce, having already capped overseas donations at £100,000.
- Experts warn of the 'Americanization' of British politics, where parties may become dependent on a few wealthy individuals.