As the hon. Member for Lancaster and Wyre (Cat Smith) said, we must have, at a minimum, a cap on donations and a full ban on crypto-donations. That is critical. It is really quite extraordinary that the Thailand-based crypto investor Christopher Harborne has been allowed to donate £9 million to Reform UK—I notice that its Members are still not here. We also need annual spending limits, so that our politics is not distorted by money being spent around the edges of elections, for example.
Will the Minister ensure that we ban all crypto donations to political individuals and parties? Will he urgently introduce a cap on political donations? It is, frankly, mind-blowing that we still do not have one. Will he introduce annual spending limits, to stop massive spending around the edges of election times?
The upcoming elections Bill will be critical in addressing the dodgy influence of foreign money in UK politics, not least via cryptocurrency, on which I agree with the hon. Member for Bolton West (Phil Brickell). Reform UK is the first British political party to accept donations in crypto, despite UK National Crime Agency investigators recently saying that cryptocurrency has turbocharged money laundering. The NCA also points out that the cryptocurrency backed by the Reform donor is used for the Russian war effort. Reform UK’s record £9 million crypto donation is just the latest offering from abroad. Last Sunday, The Observer reported that two thirds of the funds given to that organisation in this Parliament have come from donors with overseas interests.