Crypto Billionaire Christopher Harborne Withdraws Support for Reform-Conservative Election Pact
Christopher Harborne, the ultra-wealthy political donor who has contributed £12 million to Reform UK, has declared he is "no longer" interested in a pre-general election pact between Reform and the Conservative party. In an emailed statement to the Guardian, Harborne clarified, "In the past this was possibly the case, but it is no longer the case." This marks a significant shift from his previous stance, where sources indicated he had urged Nigel Farage to remain open to such a collaboration.
Harborne's Stance on Cryptocurrency Regulation
Alongside his political withdrawal, Harborne emphasized his belief that cryptocurrency should be regulated in the UK. This aligns with Reform UK's platform, which promises to transform Britain into a "premier hub" for digital assets and reduce capital gains tax on cryptocurrency from the basic rate of 18% or higher rate of 24% to just 10%. Farage has been a vocal advocate for broader cryptocurrency adoption, even meeting with Bank of England governor Andrew Bailey last year to criticise the central bank's slow progress on the matter.
Background and Donations
Harborne, a Thailand-based investor in aviation and cryptocurrency, previously donated £10 million to the Brexit party for its 2019 election campaign. A substantial portion of his wealth stems from cryptocurrency investments, including a 12% stake in Tether, a leading stablecoin, and holdings in its sister exchange Bitfinex. He also founded AML Global, an aviation fuel company, and holds shares in the British defence firm QinetiQ. Born in the UK, he is known by the Thai name Chakrit Sakunkrit and has obtained citizenship there.
His latest donations to Reform UK include £3 million in November and £9 million in August, as per Electoral Commission data. These contributions have propelled Reform's fundraising efforts, with the party receiving £5.5 million in the final quarter of last year, outpacing Labour (£1.9 million), the Conservatives (£2.4 million), and the Liberal Democrats (£1.3 million).
Political Impact and Controversies
The scale of Harborne's donations has reignited debates over potential caps on individual or corporate political contributions. Senior Labour MPs have called for an urgent ban on cryptocurrency donations after the Electoral Commission permitted such transactions, with Reform becoming the first party to accept digital currency donations last autumn. Harborne denied any influence from George Cottrell, a close aide to Farage, in his decision to donate, dismissing such suggestions as "utter rubbish."
Despite Reform's lead in political polls, its popularity has slightly declined, dropping from 29% last autumn to 23% this month according to YouGov data. Harborne has also previously supported the Conservative party and donated £1 million to Boris Johnson's private office post-premiership.
