Christopher Harborne, the ultra-wealthy political donor who has given £12m to Reform UK, has told the Guardian he is “no longer” interested in a Reform-Conservative pact before the next general election.
A possible collaboration between Reform and the Conservative party had been an important aspect of discussions about donations between Harborne and senior figures including Nigel Farage, sources familiar with the conversations said.
The Thailand-based cryptocurrency investor had previously wanted Farage to keep an open mind about a pact between the two parties, the same sources added.
This position has changed, however. Harborne said in an emailed statement: “In the past this was possibly the case, but it is no longer the case.”
He also said he believed that “cryptocurrency should be regulated in the UK”.
Farage has been vocal in advocating for wider adoption of cryptocurrency in Britain, including at a meeting with the governor of the Bank of England, Andrew Bailey, last year. He said the central bank was “moving a little too slowly” on the matter.
Reform has promised to turn the UK into a “premier hub” for cryptocurrency and to slash capital gains on it to 10% from the basic rate of 18% or the higher rate of 24%.
Harborne told the Guardian Farage was “correct” in saying that he had asked for nothing in return for his donations.
Harborne previously gave £10m to the Brexit party to fund its 2019 election campaign.
A significant part of Harborne’s fortune derives from investments in cryptocurrency. One of these bets was on Tether, in which he holds a 12% share. It is now one of the world’s most popular stablecoins – a type of digital asset pegged to the US dollar. He also holds a stake in Tether’s sister exchange Bitfinex.
Harborne founded AML Global, an aviation fuel company, and is also a shareholder in QinetiQ, a British defence company. Born in the UK, he is also known by the Thai name Chakrit Sakunkrit and has taken citizenship in the country.
Harborne is known to be friends with George Cottrell, a close aide to Farage, whose family has also donated to the party. Harborne denied Cottrell had played a part in his decision to donate, saying any suggestion of that was “utter rubbish”.
Harborne’s latest donation to Reform – £3m in November – was revealed on Thursday. He had previously given £9m in August, according to Electoral Commission data.
The donations have pushed Reform’s fundraising efforts well ahead of the other major parties. In the final three months of last year the party received £5.5m, compared with £1.9m for Labour, £2.4m for the Conservatives and £1.3m for the Liberal Democrats.
Reform is leading political polls in the UK, but its popularity has waned somewhat; it has dropped from a high of 29% in autumn last year to 23% this month, according to voting intention data from the polling company YouGov.
Harborne has also previously given money to the Conservative party and £1m to Boris Johnson’s private office after the former prime minister left government.
The scale of Harborne’s donations to Reform have revived questions over whether or not there should be a cap on donations from individuals or companies. Senior Labour MPs have also called for an urgent ban on political donations in cryptocurrency, after the Electoral Commission agreed to allow donations via this route.
Reform became the first party to accept donations in the digital currency, in the autumn, according to Farage.