Contribution
Let me start with a word of thanks to my hon. Friend the Member for Chester North and Neston (Samantha Dixon), who is not in her place, who said quite rightly that an awful lot has changed since the Bill was first introduced to this House. Indeed, a lot has been revealed over the course of the summer. In fact, reporting in The Times, The Sunday Times, the Financial Times, The Guardian and Byline Times has now revealed 37 different questions around the finances of the Reform party, but no doubt we will find there is an innocent explanation for all of it.
No doubt there is an innocent explanation for why Mr George Cottrell passed $2 million through US-based crypto exchanges just a day or two before he moved the money to his mother, who then went on to make big donations to Reform. No doubt we will learn that Mr Cottrell was in fact on the electoral register when that money was passed. No doubt we will discover that his mother, Fiona Cottrell, declared and did not disguise the fact that the money had ultimately come from her son. No doubt there will be an innocent explanation for why loans to Reform through Britain Means Business were reclassified as donations, even though the party treasurer was not told about that. No doubt there will be an innocent explanation for why the hon. Member for Clacton (Nigel Farage), who—surprise, surprise—is not in his place, did not declare a £5 million donation before he was elected to this place and went off to lobby the Governor of the Bank of England on behalf of his cryptocurrency allies. No doubt it is a complete coincidence that the man who has given Reform half of its fortune—more than £25 million—made his fortune in the crypto industry.
No doubt there is an innocent explanation for all of that. I very much hope that absolutely no offences have been committed. No doubt there is an innocent explanation for all of it—and no doubt it will stink to high heaven to the British public.
I very much hope that all of that has been above the law, but that is not the test for political finance regulation in this country. It is not enough to be above the law; conduct must be above suspicion. And right now, the conduct of political finance in this country is not above suspicion. That is why the measures in this Bill are needed, and that is why it will be madness if we do not use this Bill to once and for all eliminate not just cryptocurrency donations, but the cryptocurrency system from British politics.
I welcome the moves that the Minister has made and the commitment she has made at the Dispatch Box this afternoon to continue to listen to the debate and ensure that the rules under the Bill are as tight as possible. However, the revelations in the newspapers over the summer underline why we must be as hard and as tough as possible. The truth is that right now, the amendments that the Government have tabled to the Bill are full of holes. Under those rules, it would still be possible to move money through digital tokens; it would still be possible to move money through memecoins like the $BRITAIN token; and it would still be possible to aggregate it, convert it into conventional currency and then donate it, for example, to Restore Britain.
We know that this is not some speculative feature of the system. We know that donations that have gone to Reform have been routed through cryptocurrency exchanges like Radom. Now, I have nothing against Radom; it is clearly wholly committed to transparency, which is why it has moved its domicile from Poland to the Cook Islands—that beacon of transparency. With risks like that multiplying, why on earth would we leave loopholes open?
The effect of new clause 34 would be to ban off-ramping, ban new forms of digital currency transactions and ban memecoins, which are exactly the kind of measures that Ministers now need to bring forward. If we want to take the crypto system out of political finance, this is what we need to do.
The final point I want to make is about a larger hole in the Bill, which I hope we will square up to over the course of this debate. There are now Members of this House who are making more out of ad share revenue than they are from their salary. If Elon Musk decided to write a cheque to a political party, under the terms of this Bill it would be outlawed. If he decided to retweet something and generate tens of thousands of pounds in ad share revenue, it would be allowed.
We have got to recognise that over the last five years £200 million has been assembled to build a media political complex on behalf of a party that thinks there is a problem with foreigners but not with foreign money. Frankly, it is time that we eliminated that kind of politics, argument and system from our country.