Unlock Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favorite stories in this weekly newsletter.
Nick Candy, the new treasurer of Nigel Farage’s rightwing Reform party, promised Britain “political disruption like we have never seen before” as he admitted that he has several other billionaire backers in addition to Elon Musk.
The property developer told the Financial Times that he “raised more money than any other political party” and that Reform had more members than the Conservative party in three months as it attracted disaffected voters. Tory and Labor voters.
“We have many billionaires willing to donate to the party, not just Elon,” Candy said. “The Reform Party is the disruptor – it’s the seed round, the series A. It’s going to be a political disruption like we’ve never seen before.”
“The oldest political party in the world will be overtaken by the youngest political party on the planet,” he added.
Many in Westminster fear that a financial intervention from Musk could have a significant and lasting impact on British politics, giving Reform the resources to transform itself into an established vehicle for power.
The party has just five MPs, but it came second out of 98 seats in the July general election, 89 of which were won by Labour.
After meeting with Musk this week at US president-elect Donald Trump’s Mar-a-Lago home in Florida, Farage said the Tesla and X owner was giving “serious consideration” to give a donation.
Foreigners can give money to UK political parties through British businesses they own, but are banned from donating directly.
The Electoral Commission, the UK’s election watchdog, is in discussions with the government about changing the law to ensure that only income generated in the UK goes to parties – a move supported by Sir Keir’s adviser Starmer on ethical standards.
Lucy Powell, leader of the House of Commons, confirmed on Sunday that the government will introduce legislation as early as next year to ensure political donations are “fair and robust”.
Candy, who arranged the meeting between Musk and Farage, said the US billionaire “will be the first of many wealthy donors to be legally allowed to donate”. He declined to name other billionaires who are willing to donate.
Candy, who defected from the Tories to Reform this month, has pledged to give at least £1m of his own money to the party. He said that the money obtained will be spent on “ground game, data analysis and polling” for a party that needs to build its infrastructure and system.
Describing Reform as having “more Conservative values in its little finger than the Conservative party”, Candy said “Even the big Tory donors are calling me . . . More people are going to join us. It’s already started the movement.”
In November, Reform said it had surpassed 100,000 members. The Tory party has about 130,000 members.
Candy criticized the previous Conservative government and the current Labor administration for presiding over “the biggest brain drain the country has ever seen. Many people are disappointed. We are in serious decline and it must be stopped”.
The reform – which hopes to win hundreds of council seats in May’s local elections, and at least one mayoralty – has been dogged in recent weeks by a series of high-profile Tory defections. .
They include Tim Montgomerie, founder of the ConservativeHome website, and former Tory MP Dame Andrea Jenkyns.