Farage faces donations blow in crackdown on 'Big Money' from super rich living overseas

Ministers were pressing ahead with a clampdown on “Big Money” in British politics amid a huge row over two £36 million donations from crypto -billionaires to Reform UK .

Peers are to debate on Monday possible major reforms to political donations including from people living overseas.

Donations to Reform from Christopher Harborne and Ben Delo , disclosed over the weekend, together amount to three quarters of the money spent at the last general election by all parties combined.

Schools minister Georgia Gould, MP for Queen’s Park and Maida Vale who was on the media round for the Government, said: “We're changing the the rules because there was overarching concern about the amount of money going into politics.

“What we don't want to see is in our democracy is it's not people you know individual people are knocking their door and their views they're influencing elections, but big money some of it from overseas.”

Robert Jenrick , the party’s economic spokesman, stressed the donations were “entirely in line with the law as it is, and as far as we know, the law as it’s going to be in the future”.

But Communities Secretary Angela Rayner appeared to suggest they could be covered by a cap on overseas donors , which would be backdated to March 25.

She told the BBC: “With the retrospective action, anyone that’s received donations that don’t comply with what was in the Rycroft review, what legislation is currently going through Parliament, would have 60 days to return that money.

“That is not for those individuals, let me be really clear, I do not understand those individual circumstances, but that the retrospective action will apply from March 25.”

Communities Secretary Angela Rayner with Reform UK Treasury spokesman Robert Jenrick before appearing on the BBC’s Sunday With Laura Kuenssberg PA The rule, which limit donations from overseas electors to £100,000 per year, was proposed in a review by former civil servant Philip Rycroft aimed at countering foreign influence in UK politics.

Who is Ben Delo and how much is he worth? Crypto billionaire who gave £36m to Reform

Who is Christopher Harborne? The businessman who donated £36m to Reform UK

Rayner hints at donations cap after Reform given £72m by crypto-billionaires

It would also apply to donations made in the first year that someone moves back to the UK.