LABOUR TO BLOCK MUSK’S POTENTIAL $100 MILLION REFORM UK DONATION – Labour is reportedly working to prevent Elon Musk by introducing new rules to restrict foreign donors
Labour is reportedly working to prevent Elon Musk from injecting a massive $100 million into Reform UK by introducing new rules to restrict foreign donors.
The billionaire tech entrepreneur, who met with Reform leader Nigel Farage in December, is speculated to be preparing a substantial financial boost for the party. As a US citizen, Musk is legally barred from personally donating to a British political party. However, he could still channel funds through one of the UK-based subsidiaries of his companies, such as Tesla or X (formerly Twitter).
According to reports, the Government is considering new regulations that would limit political donations based on a company’s financial performance. Under the proposed measures, a cap on contributions could be determined by either a company’s profit or share of revenue generated in the UK. Additionally, ministers are exploring enhanced due diligence checks on donations from unincorporated associations to prevent potential loopholes.
Labour reportedly believes that Musk is likely to make his donation to Reform just before the next general election. In response, the Government is pushing to implement stricter donation rules before that happens.
The Prime Minister’s adviser on ethical standards has also urged the Government to safeguard electoral integrity by ensuring that corporate donations are limited to profits earned within the UK.
