Reform UK is facing its biggest crisis as questions swirl around its finances, including an undisclosed £5m gift to leader Nigel Farage that was reported to the National Crime Agency (NCA) over money laundering concerns. Farage announced his resignation and a byelection in Clacton-on-Sea on Tuesday, hours after a deadline to respond to the Guardian's investigation. The revelations have led even party supporters to question Farage's judgment.
Timing of the £5m Gift
Reform UK initially briefed that the £5m gift from billionaire donor Christopher Harborne was received in early 2024. Harborne's lawyers said it was given on 5 April 2024. However, financial industry sources told the Guardian that a Suspicious Activity Report (SAR) was made to the NCA on 16 May 2024. Some funds appeared not to have been transferred until after Farage said he would not stand for parliament on 23 May 2024, and before his candidacy announcement on 3 June 2024. Michael Ashcroft's book The Farage Factor suggests Reform had hired Adam Lobo to organise Farage's campaign launch by mid-May, and by 1 May 2024, Farage was a person of significant control of the corporate entity owning Reform UK, according to Companies House filings.
£1m Donation from Fiona Cottrell
A separate £1m donation to Britain Means Business (formerly Leave Means Leave) by Fiona Cottrell, mother of convicted fraudster George Cottrell, has also raised concerns. Half of this money was transferred into Reform weeks before the 2024 general election. Bankers reportedly queried its origin with deputy leader Richard Tice. The funds were routed via Australian money exchange Oneify, which provoked further concerns. Tice did not respond to questions from the Guardian.
Loan from George Cottrell to Richard Tice
Tice received an £80,000 personal loan from George Cottrell in late 2024, described as a "bridging loan" to the Telegraph. Bankers believed it was connected to a property purchase in Dubai. Tice initially said he would use cash, then changed his mind and said he got a mortgage. Given the loan appeared at a preferential rate and Cottrell is heavily involved with Reform, questions arise over whether Tice should have declared it to parliamentary authorities. MPs must declare benefits relating to their political activities, with rules stating: "If there is any doubt, the benefit should be registered."
Reform's Ability to Weather the Storm
Some Reform donors are unhappy with the scrutiny. Mohamed Amersi, who gave £25,000 in 2025, told the Telegraph he would not donate further "until the cloud hanging over this issue is resolved." Another donor expressed disappointment that Farage called a byelection before the standards commissioner's verdict, saying waiting until autumn would have allowed a stronger victory.
Other Problems
Robert Jenrick, a former Conservative minister who defected to Reform, faces a police investigation over a £37,500 donation from his Tory leadership campaign. The Metropolitan Police confirmed the investigation on Wednesday, following a referral by the Electoral Commission in January 2025. Jenrick called the allegations "entirely false," attributing them to establishment efforts to stop Reform.
