Received from: Accord
Congress notes that:
i. there has been a significant rise in large political donations, particularly from individual overseas donors, including record-breaking contributions to parties such as Reform from wealthy individuals like crypto billionaire Chris Harborne
ii. dark money is flowing into UK politics with insufficient transparency or regulation. These funding streams are disproportionately benefiting far-right actors
iii. TUC polling shows that more than half of voters support a permanent ban on political donations using cryptocurrencies and three in five support banning donations to political parties from overseas individuals or organisations.
Congress believes that:
a. the result of this is diminished trust in democracy, that the far right seeks to exploit, and the threat of political capture by the unaccountable super-rich
b. the government’s Representation of the People Bill, which seeks to address these problems through a cap on donations from overseas voters and a moratorium on crypto donations, is welcome but could be strengthened further.
Congress resolves to:
1. campaign for clear reforms around the rise of unregulated, overseas funding of far-right parties
2. seek to strengthen Labour’s reforms through:
− a permanent ban on political donations via cryptocurrencies – to prevent anonymous and untraceable funding
− closing foreign interference – by banning donations from any electors who are not domiciled in the UK for tax purposes
− stronger regulation of overseas funding of digital campaigning (AI and social media) to prevent disinformation.
Accord