The slow motion car crash that is Nigel Farage’s funding “arrangements” is shining a fierce spotlight on the threat to this country’s democracy from a small number of ultra-wealthy donors.
For Farage and Reform UK we are talking about a mind-blowing amount of cash given by crypto barons, a Thailand-based billionaire, and other “colourful” characters.
But in many ways that is not the point. No single individual should wield the kind of financial influence that these individuals have over our fragile and precious democracy. No matter which party they support.
Our political parties of all colours have drifted into an arms race for ever larger donations. Now, there are a few mega-rich individuals who contribute millions of pounds, giving the widespread impression that wealth grants access and influence. If people think that politics is for sale, their trust in our democracy will keep decreasing. We shouldn’t underestimate how difficult and unstable governing a distrustful electorate is.
Across the UK, people are working harder than ever, concerned about the rising cost of living, and asking themselves why things never seem to change. At the same time, they witness a political process which makes them feel that the rich and powerful are more influential than everybody else.
Politics must be for everybody.
Next week we have a chance to begin to fix our crooked system. MPs will vote on a change of rules about who donates and how much. Under the proposals overseas voters moving to the UK will be prevented from giving more than £100,000 in political donations for a year after they’ve arrived. The government previously announced a £100,000 annual cap on donations from British citizens living overseas – now they want an individual to be based in the UK for a minimum amount of time before their donations can exceed this limit. Ministers announced the planned restriction alongside tougher checks on company donations, which they believe will help stop foreign money from influencing UK elections.
It feels like these policies could have been designed with Reform in mind. There are two problems though. Firstly, they won’t work. And secondly, MPs need to think beyond their own party politics and focus on what’s best for our democracy.
Campaigners (and often even the mega-donors themselves) point out that these measures are easily navigated. These global billionaires are world champions at shifting money around. Crypto can be effortlessly turned into cash. And company finances get very complicated. This feels like sticking fingers in a dyke. Money flows like water and it will find the weakest link. We need to build a much bigger and stronger sea wall.
A hard cap of £100,000 on all donations no matter where they come from would be a place to start. A clear, simple, easily understood and easily monitored measure. £100,000 is a vast amount of money for most people.
Many MPs are screaming out for a better system – but too many say they want change but push against it when it might affect them. If our MPs are serious about restoring trust, they must go further and stop this flood of money upending our democracy.
Whether a million-pound donation comes from Thailand or Tunbridge Wells, the risk to public confidence remains. When it comes to fixing our corrupt system, MPs need to be above partisan politics. If not – our democracy remains for sale.
Olly Buston is director of the campaign Clean Up Westminster
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