One economist said there was ‘a total disconnect between macroeconomic indicators and the reality of income gains for most people’. Photograph: Christopher Furlong/Getty Images
This ‘ghost GDP’ shows how headline economic growth is increasingly disconnected from reality for most, says report
The wealth of Britain’s 157 billionaires is now equivalent to more than a fifth of the country’s entire GDP, according to analysis by the Equality Trust – a fivefold increase since 1990.
The charity describes the trend, based on data in this year’s Sunday Times rich list, as Britain’s “ghost GDP”: headline economic growth increasingly disconnected from everyday life.
“Every year politicians point to GDP growth as proof the economy is working. Ghost GDP shows us what that ambition has done to the rest of us because for most of us, it doesn’t feel like the economy is working at all,” said Priya Sahni-Nicholas, the co-executive director of the Equality Trust.
“Ghost GDP and the hollowed out economy it creates, tells you what the rest of us have lost as a direct result.”
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When the Sunday Times first published its rich list in 1989, 15 billionaires held a total of £27bn – about 4p in every pound of GDP at the time. Today, the Equality Trust calculates that 157 billionaires hold just under £670bn – more than 22p in every pound.
“Workers have endured the longest pay squeeze in living memory,” said Sahni-Nicholas. “But the richest 50 families now hold more wealth than the poorest 34 million of us combined.”
Reform UK leader Nigel Farage. Credit: Guy Bell/Alamy Live News
Nigel Farage’s anti-climate party has received two thirds of its income from oil investors.
Reform UK has received £24 million from oil and gas interests, accounting for more than two thirds of its total income, DeSmog can reveal.
Led by Nigel Farage, the party is calling for new North Sea oil and gas drilling ahead of UK-wide elections in May on the ill-founded claim that it will cut energy bills.
DeSmog’s analysis reveals that 67 percent of Reform’s funding to date has come from donors with financial interests in fossil fuels, totalling more than £24 million.
A further £2.4 million has been donated by individuals who have disputed basic scientific facts about climate change.
“What these extraordinary numbers make clear is that Reform is less a political party and more a very highly paid public-facing lobby group for oil and gas interests,” said Jolyon Maugham, executive director of the Good Law Project campaign group.
The biggest chunk (£22 million) has been gifted by Thailand-based crypto billionaire Christopher Harborne, whose firm AML Global sells jet fuel, which is made from crude oil. More than half (£12 million) of this figure was donated in 2025.
Another £1.7 million has come from hedge fund boss Jeremy Hosking, whose investment firm Hosking Partners has $440.8 million (around £326.5 million) invested in oil, gas, and coal. As revealed by DeSmog, Hosking Partners has ramped up its fossil fuel investments in recent months during the war in Iran, which has caused energy shortages and windfall profits for oil giants.
Reform has received more than £2 million from its deputy leader Richard Tice, a property millionaire who has denied that man-made carbon dioxide (CO2) emissions are causing climate change – instead calling it “plant food”.
Farage has himself claimed it’s “absolutely nuts” for CO2 to be considered a pollutant.
The party has also accepted £230,000 from management consultancy First Corporate Consultants, whose owner Terence Mordaunt is a former chair of the Global Warming Policy Foundation (GWPF). The GWPF is the UK’s foremost climate denial group, and has claimed CO2 emissions are a “benefit to the planet”.
In total, Reform has received almost £26.7 million from climate deniers and fossil fuel interests since it was set up by Farage as the Brexit Party in 2019 – roughly three quarters (74 percent) of its total £36 million income.
IN NUMBERS: Reform’s smoggy £26 million
Christopher Harborne
Fossil fuel interest
£22,190,000
Richard Tice
Climate science denier
£2,257,919
Jeremy Hosking
Fossil fuel interest
£1,718,000
Terence Mordaunt
Climate science denier
£230,000
Ashley Mark Levett
Fossil fuel interest
£200,000
Jacques J. Tohme
Fossil fuel interest
£50,000
TOTAL
£26,652,919
Reform – which is leading UK-wide polls at 25 percent – has vowed to “scrap net zero”, end subsidies for wind and solar power, approve new oil and gas exploration, lift the ban on fracking for shale gas, and open new coal power plants.
The party has doubled down on these policies during the Iran war. Earlier this month, Tice called for the UK to extract “every last drop” of oil and gas in the North Sea, and described new drilling as “our patriotic duty”.
Green Party MP Ellie Chowns told DeSmog: “When you receive nearly two thirds of your funding from vested interests, it is no surprise you dance to their tune.
“This exposes precisely why Reform wants to promote fossil fuels and undermine the green transition to renewables that would provide us with cheaper, secure energy.”
New climate modelling has indicated that a critical Atlantic current is significantly more likely to collapse than previously thought, while scientists have warned of a “rapidly closing window” to limit temperatures rises to 1.5C and avoid the worst impacts of climate change.
In March, the UK’s independent Climate Change Committee said the entire cost of cutting emissions to net zero by 2050 would be less than a single fossil fuel price shock – two of which have been experienced by the UK in the past five years.
Meanwhile, a report by the New Economics Foundation last year concluded that Reform’s anti-renewables agenda could cost 60,000 jobs and wipe £92 billion off the economy.
“It isn’t exactly a shock to discover that the party most reliant on fossil fuel funding is also ignoring climate science and claiming that more drilling will solve all of our energy problems,” Angharad Hopkinson, political campaigner for Greenpeace UK, told DeSmog.
“But can they continue to hold that line as Trump’s war in Iran makes it more and more obvious that our dependence on oil and gas gives control over our energy prices to dictators and petrostates with no loyalty to the UK?”
Hopkinson added: “Reform is trying to walk a tightrope, presenting themselves as the party of patriotism while working to preserve foreign influence, rather than saving Britain money by switching to home-grown renewable energy and taking back control.”
Reform was approached for comment.
Reform’s Fossil Fuel Donors
Reform’s biggest donor is crypto investor Harborne, whose company AML Global supplies aviation and maritime fuel to a distribution network that includes “main and regional oil companies”, according to its website.
As reported by Private Eye, the price of jet fuel has doubled since the start of the war in Iran, which would benefit Harborne’s business interests.
One of AML Global’s past clients is the U.S. military, which made payments worth £115 million to AML Global’s Hong Kong division between 2020 and January 2026. It’s unclear if the U.S. military is still a client.
Harborne and AML Global didn’t respond to DeSmog’s request for comment. In response to a similar enquiry in 2024, he posted a lengthy statement on the AML Global website, stating: “Firstly, I am not a climate science denier and secondly, I do not seek to influence any government through donations or lobbying regarding their policies on climate change or in favour of corporate interests.”
However, Harborne is by far the biggest donor to the UK’s leading anti-climate party. In addition to his £22 million in donations to Reform, The Guardian has revealed that he gave £5 million personally to Farage before the 2024 general election.
DeSmog analysed Electoral Commission data going back to Reform’s founding, along with company accounts and investment registers.
Reform has also received £1.7 million from hedge fund boss Hosking, whose firm Hosking Partners has extensive fossil fuel holdings.
Its latest filings at the U.S. Securities and Exchange Commission show the hedge fund has $369.7 million (around £273.7 million) invested in oil and gas companies, and $71 million (around £52.6 million) invested in coal firms.
Hosking’s total fossil fuel investments increased by almost 54 percent in the first three months of 2026.
Hosking previously told DeSmog: “I do not have millions in fossil fuels; it is the clients of Hosking Partners who are the beneficiaries of these investments.”
Reform also received £50,000 last year from Nova Venture Holdings. The company’s sole director, Jacques J. Tohme, is an oil executive with a long history in the industry. He is founder and managing partner at Samos Energy, which finances oil and gas projects in Southeast Asia. He previously founded Tailwind Energy – later merged with Serica Energy – an oil and gas company which operated in the North Sea and which “transacted” with Shell, BP, and ExxonMobil.
In November, the party accepted a further £200,000 from Ashley Mark Levett. He currently sits on the board of Monaco-based company, Levmet – a global commodities trader whose interests include fossil fuels.
Climate Denier Donors
Reform has also received more than £2.5 million from donors who have promoted climate science denial.
The party’s deputy leader Tice has provided £2.3 million via his companies TISUN investments, Britain Means Business, and Leave Means Leave since the party’s founding in 2019.
Tice has described carbon dioxide as “plant food”, and told Sky News: “There’s no evidence that man-made CO2 is going to change the climate. Given that it’s gone on for millions of years, it will go on for millions of years.”
The UN’s Intergovernmental Panel on Climate Change (IPCC), the world’s leading climate science body, has said it is “unequivocal” that human influence has caused “unprecedented” global warming.
Tice has been accused of hypocrisy for calling renewable energy “a massive con” while fitting solar panels and electric vehicle charging stations on his commercial properties.
In 2023, Reform received £230,000 from First Corporate Consultants, a company owned by Terence Mordaunt, who chaired the GWPF from November 2019 to October 2021.
The GWPF has claimed that carbon dioxide has been “mercilessly demonised” when in fact it should be “two or three times” higher than current levels.
In reality, the IPCC has said CO2 emissions are causing dangerous climate change, fuelling extreme weather, crop failure, and excess deaths around the world.
Despite their opposition to climate science and their fossil fuel donations, Reform MPs represent some of the constituencies most at risk from extreme heat and flooding, including Farage’s constituency of Clacton and Tice’s seat of Boston and Skegness.
Reform UK leader Nigel Farage looking at the floodwater in Burrowbridge, Somerset.
Credit: PA Images / Alamy
Other Big Donors of Note
Outside the scope of this analysis is Zia Yusuf, a multi-millionaire former tech entrepreneur and Reform’s home affairs spokesman, who has donated £206,000 to the party.
While he has attacked climate action, Yusuf has not explicitly denied the role of man-made CO2 emissions to global warming.
Yusuf donated to Reform ahead of the 2024 election, after which he was appointed as the party’s chairman.
Following the election, Yusuf attacked the Labour Party’s clean energy policies, saying: “Labour champagne socialists are restricting supply of the cheapest form of energy for ordinary citizens.”
He has called net zero “religious madness” and described North Sea oil and gas as “a gift from god”. He welcomed Donald Trump’s election as U.S. president in 2024 as a rejection of “net zero fanaticism”.
The same year, Reform received £247,000 from David Lilley, a metals and mining executive and a director at the investment firm Drakewood Capital. The company holds a 20 percent stake in VSA Capital, which claims to have “a deep knowledge of mining and oil and gas” and which provides banking and brokerage services to the industry.
Lilley – an old friend of Farage – is also a director of Resolute 1850, a Reform-linked think tank rebranded as the Centre for a Better Britain. It was launched last year by right-wing academic James Orr to “support Reform with policy development, briefing and rebuttal”. Orr joined Reform as head of policy in February, having previously been a senior advisor to the party.
Reform UK leader Nigel Farage and home affairs spokesperson Zia Yusuf.
Credit: ZUMA Press, Inc. / Alamy
Reform has received a further £990,000 from property billionaire Nick Candy, who is Reform’s treasurer and who claims to have sought party funding from oil and gas executives.
As DeSmog has reported, Candy also has financial interests in the United Arab Emirates (UAE), a Gulf petrostate. In late 2024, his firm Candy Capital entered into a “strategic joint venture partnership” with Modon Holding, which is chaired by a board member of the Abu Dhabi National Oil Company (ADNOC).
Between 2023 and 2025, the party accepted £95,000 from Panther Securities, a property investment company chaired by former UKIP donor Andrew Perloff, who has blamed rising inflation on climate policies and defended climate science deniers.
In June 2022, Perloff wrote: “Whilst they [scientists], of course, could be correct that global warming is happening, I feel it is worrying that those with different opinions are often prevented from presenting them for consideration.”
Reform has also received £36,000 from Heathrow Airport, which was found to be the world’s second most carbon-emitting airport in 2019. Heathrow has also donated to Labour and the Conservatives in recent years.
Farage’s Millions
Alongside these donations, Farage has received £664,000 since July 2024 from the anti-climate broadcaster GB News, which employs him as a presenter. The platform is co-owned by Paul Marshall, whose hedge fund had £1.8 billion invested in fossil fuels as of June 2023.
As revealed by DeSmog, Farage has received gifts from the UAE, and has been lavished with £150,000 worth of flights to give speeches to U.S. anti-climate groups.
Last year, Farage helped launch a UK-Europe branch of the Heartland Institute, a U.S. climate denial group which has described itself as “the world’s most prominent think tank supporting skepticism about man-made climate change”.
In total, Farage has received almost £2 million in earnings and gifts since his election in 2024, including £675,000 from foreign sources.
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him and his Deputy Richard Tice. He says that Reform UK has received £Millions and £Millions from the fossil fuel industry to promote climate denial and destroy the planet.
Reform UK leader Nigel Farage, and deputy leader Richard Tice. Photo: Sipa US / Alamy
The anti-net zero party has been bankrolled by oil and gas investors, aviation entrepreneurs, and those who reject climate science.
Reform UK has received more than £2.3 million from oil and gas interests, highly polluting industries, and climate science deniers since December 2019, amounting to 92 percent of the party’s donations.
This week, Nigel Farage confirmed he would be returning as leader of Reform and standing in the general election, threatening to split the already fragile Conservative vote. His populist party, which campaigns to “scrap all of net zero”, claims to represent ordinary people against out of touch elites.
Yet Reform’s official register of donations reveals the party is bankrolled by rich businessmen who reject climate science or make money from polluting industries.
In the past 12 months, Reform has received £200,000 from First Corporate Consultants. The firm is owned by Terence Mordaunt, a director and former chair of the Global Warming Policy Foundation (GWPF), the UK’s leading climate science denial group.
The GWPF has in the past expressed the view that carbon dioxide has been mis-characterised as pollution, when in fact it is a “benefit to the planet”. Mordaunt himself told openDemocracy in 2019 that “no one has proved yet that CO2 is the culprit” of climate change.
The UN’s Intergovernmental Panel on Climate Change (IPCC), the world’s top climate science body, has stated that it is “unequivocal that human influence has warmed the atmosphere, ocean and land”. It has also stated that carbon dioxide “is responsible for most of global warming” since the late 19th century, which has increased the “severity and frequency of weather and climate extremes, like heat waves, heavy rains, and drought”.
Reform has also received more than £500,000 since the last election from Jeremy Hosking, whose investment firm Hosking Partners had more than $134 million (around £108 million) invested in the energy sector at the close of 2021, two thirds of which was in the oil industry, along with millions in coal and gas.
Hosking previously told DeSmog: “I do not have millions in fossil fuels; it is the clients of Hosking Partners who are the beneficiaries of these investments.”
Since December 2019, Reform has also received £465,000 from Christopher Harborne, owner of AML Global, an aviation fuel supplier with a distribution network that includes “main and regional oil companies”, according to its website. Harborne is also the CEO of Sheriff Global Group, which trades in private jets.
Aviation emissions accounted for eight percent of the UK’s annual greenhouse gas emissions before the pandemic, according to the government’s Climate Change Committee.
In response to DeSmog’s request for comment, Harborne posted a lengthy statement on the AML Global website. He said: “I am not a climate science denier and … I do not seek to influence any government through donations or lobbying regarding their policies on climate change or in favour of corporate interests.”
Harborne added that “there is overwhelming scientific evidence that human activity and in particular the use of hydrocarbons as an energy source is accelerating climate warming due to the greenhouse effect.”
Reform has also received more than £1.1 million in donations from Richard Tice, a property millionaire and the party’s leader until this week. Tice has now become the party’s chairman.
In addition (and not included in the overall figures for this analysis), Reform has received more than50 loans collectively worth around £1.4 million from a company called Tisun Investments, which is owned by Tice, since the start of 2020.
Tice is one of the UK’s most prominent climate deniers, his presenting role on the right-wing broadcaster GB News to attack net zero policies and the science behind them. Tice has claimed that “there is no climate crisis” and expressed the view that “CO2 isn’t a poison. It’s plant food”.
DeSmog has also revealed that the governing Conservative Party has received £8.4 million since December 2019 from oil and gas interests, highly polluting industries, and individuals who have expressed or supported climate science denial.
“No political party should be taking any money from fossil fuel interests whatsoever,” Caroline Lucas, until recently the Green Party MP for Brighton Pavilion, told DeSmog.
Reform’s Climate Science Denial
Reform’s platform on climate change conforms to the views and business interests of its major donors.
The party’s manifesto falsely claims that “scientists disagree as to how much” humans have had an impact on global warming.
A number of climate consensus studies conducted between 2004 and 2015 found that between 90 percent and 100 percent of experts agree that humans are responsible for climate change. A study published in 2021, which reviewed over 3,000 scientific papers, found that over 99 percent of climate science literature says that global warming is caused by human activity.
Reform wants to develop new oil and gas fields in the North Sea, open onshore fracking sites across the country, end the windfall tax on oil and gas companies, and “restart opencast coal mines using the latest cleanest techniques”.
The party has campaigned for a referendum on the UK’s 2050 net zero emissions target, and supports scrapping the policy entirely.
Farage himself also has a long history of opposing green reforms and criticising established climate science.
Speaking on GB News in August 2021, Farage said that he was “very much an environmentalist” and that he couldn’t “abide things like plastics in our seas, pollution in our rivers.” However, on the issue of climate change, he added: “What annoys me though, is this complete obsession with carbon dioxide almost to the exclusion of everything else, the alarmism that comes with it, based on dodgy predictions and science.”
Reform’s only MP, Lee Anderson, who defected from the Conservative Party in March, has repeatedly attacked the government’s net zero policies, arguing in February 2024 that a net zero UK “wouldn’t make a blind bit of difference to the Earth’s atmosphere”.
Anderson is also a vocal backer of new oil, gas, and coal extraction in the UK. In 2022 he supported the government’s decision to approve a new coal mine in Cumbria – the UK’s first new coal mine for 30 years.
A Reform UK spokesman said: “Climate change is real, Reform UK believes we must adapt, rather than foolishly think you can stop it. We are proud to be the only party to understand that economic growth depends on cheap domestic energy and we are proud that we are the only party that are climate science realists, realising you can not stop the power of the sun, volcanoes or sea level oscillation.
“The deniers are those who continually gaslight the public into thinking you can stop these powerful natural forces. We must use the energy under our feet, rather than send our money and jobs abroad.”
Nigel Farage urges you to ignore facts and reality and be a climate science denier like him. He says that Reform UK has received millions and millions from the fossil fuel industry to promote climate denial and destroy the planet.Donald Trump urges you to be a Climate Science denier like him. He says that he makes millions and millions for destroying the planet, Burn, Baby, Burn and Flood, Baby, Flood.Nigel Farage explains the politics of Reform UK: Racism, Fake anti-establishmentism, Deregulation, Corporatism, Climate Change Denial, Mysogyny and Transphobia.
Nigel Farage speaks during a press conference on May 27, 2025 in London, England. | Dan Kitwood / Getty Images
Nigel Farage says his party is a break from the political establishment. That claim doesn’t match up with its donors
Reform has received almost £5m from wealthy donors since 2023, including those with links to fossil fuels, the financial services industry and tax havens, openDemocracy can reveal.
Nigel Farage’s party received around £1.5m in large donations in the first quarter of this year – far less than the £3.3m given to the Conservatives and £2.3m to Labour – according to our analysis of Electoral Commission data published this week.
The figures are likely particularly disappointing for Reform’s leadership, which has boasted of a major fundraising drive this year, as they don’t include a further £1m that the Tories reportedly received in recent weeks from software and gaming entrepreneur Jeremy San.
But what does the £4.8m of donations tell us about Reform’s aims, especially if it were to win office at the next general election? openDemocracy analysed the past 18 months of donations data to shed light on who is donating to the party – and where their interests lie.
Our findings reveal that, despite claiming to represent a break with the current political establishment, Reform is largely funded by ex-Tory donors, who account for around a quarter of the £4.8m it has received in large donations (only those who give £11,180 or more in a year need to be declared to the Electoral Commission) since 2023.
We also found that Reform has an unusually high number of overseas backers with links to tax havens, which the party has publicly stated is part of its fundraising strategy.
While the party previously criticised Labour’s £4m donation from a Cayman Islands-controlled hedge fund, which openDemocracy revealed last year, more than 10% of its total donations are from sources with strong offshore ties.
How much has Reform raised?
Reform looks set to receive more money in large donations in 2025 than it did last year. The party took £1.5m in Q1, compared to £3m in all of 2024. (The latter figure has been misreported as £4.75m, due to double-counting of donations made during the election period, which are listed twice on the Electoral Commission’s website.)
Farage’s party has sought to frame itself as an alternative to the political status quo of the Conservatives and Labour, yet this is at odds with its wealthy funders, many of whom are longtime political donors and paid-up members of the elite.
Commercial interests in regulated sectors such as energy and financial services are overrepresented among both the established political donors and the first-time donors that Reform has attracted.
As well as this cash from rich donors, Reform has likely raised a significant amount of money through its membership, which party figures say has been the main source of funding over the last year or so.
While Reform declined to provide details of its funding through membership and small donations, its own website says it has more than 233,000 members at the time of writing. If accurate, this would generate between £2.3m and £5.8m a year for the party, whose annual membership costs £25 or £10 for under-25s.
It is important in understanding Reform to note this element of its support, particularly at a time when Labour and the Conservative memberships are thought to be dropping significantly.
The estimated figures suggest that Reform’s claims of being driven by a grassroots movement are true, though so are claims from the party’s opponents that it is taking millions of pounds from the ultra-rich.
Who has donated to Reform?
More than half the £4.8m given to Reform since 2023 comes from people in its inner circle.
The party’s biggest donor is Richard Tice MP, its deputy leader, who has put more than £1m into its coffers, while Zia Yusuf, who spectacularly quit as party chair last week in a row over a burqa ban only to rejoin two days later in a similar role, has chipped in £206,000.
Holly Vukadinovic, better known as Holly Valance, who is married to the party’s main fundraiser, Nick Candy, has also given £50,000.
After Tice, the party’s top donor is Fiona Cottrell, an aristocratic socialite who once reportedly dated the King, who has given £750,000. Though she isn’t directly tied to the party, her son George Cottrell – nicknamed ‘Posh George’ – is a longtime associate of Farage and ran fundraising for his previous political party, UKIP, as a teenager.
George is today understood to be a close aide to Farage and, despite having no official role in the party, was last spotted alongside the Reform leader at a press conference this week. He is believed to live between the UK and Montenegro, where he has a number of business interests, including in cryptoassets.
Following Sarah Pochin’s election in May, Reform now has five sitting MPs again. Rupert Lowe, originally elected as a Reform MP, now sits as an independent having lost the party whip | Carl Court / Getty Images
As openDemocracy has reported, George recently set up opaque corporate entities in the UK and the US, which his lawyers told us will be political consulting firms.
Although George has not given money directly to Reform, he has funded trips for Farage to Belgium and the US worth around £25,000. Electoral rules state that an individual must be registered to vote in the UK – including as an overseas voter – in order to donate directly to political parties, but anyone can pay the “reasonable costs of a visit outside the UK”.
As the party has grown in influence, it has attracted the backing of many donors with a history of financially backing right-wing political projects. The majority previously gave money to the Conservative Party, but some have funded Farage’s former parties and the hard-right Reclaim Party, which is fronted by actor Laurence Fox.
David Lilley, who gave £274,000 to Reform, is a veteran hedge fund boss who co-founded Redwood Kite Capital alongside Tory peer Lord Michael Farmer. Both Red Kite and his current firm, Drakewood Capital Management, focus on mining and metals trading.
First Corporate Consultants, a think tank that has given Reform £200,000, is owned by Terence Mordaunt, former chair of the opaque think tank Global Warming Policy Foundation (GWPF) which campaigns as Net Zero Watch. openDemocracy revealed in 2022 that the GWFP has been funded by an oil-rich foundation with huge investments in energy firms.
We have also previously uncovered significant interests in fossil fuels held by Jeremy Hosking, who has given Reform £140,000 and whose fund, Hosking Partners, has tens of millions invested in oil firms and the wider fossil fuel sector. Hosking has poured millions into the UK right in the last decade, including backing Vote Leave to the tune of millions and more recently funding the Reclaim Party and The Critic, a conservative political and cultural magazine.
Nick Candy, a property mogul and former Tory donor who is now in charge of leading Reform’s fundraising efforts, has publicly stated that his strategy is to court ultra-wealthy donors in low-tax jurisdictions around the world with ties to the UK.
This plan only got underway in earnest toward the start of this year and any donations made in recent months are yet to be published. But Reform already has several confirmed donors resident in Monaco, according to corporate filings.
All in all, around £600,000 came from individuals and organisations either resident in perceived tax havens, or controlled via them. They include Roger Nagioff (£100,000), a former Lehman Bros executive now resident in Monaco according to corporate filings, and Luxembourg-based brokerage firm JB Drax Honore (£50,000), which donated through its UK subsidiary.
Some of Reform’s biggest donors, including Malcolm Robinson (£160,000) and Duncan Mackay (£100,000), have not yet been publicly identified.
Political parties have no obligation to publish any information about their donors other than names and details of the donation, and an unavoidable quirk of these donor transparency rules is that individuals with uncommon names are subject to greater scrutiny than those with common names, because they are easier to identify.
Jeremy Hosking was a major funder of the Brexit campaign and has backed a number of right-wing causes in the years since | Jack Taylor / Getty Images
openDemocracy asked Reform to provide a brief biography for several donors who have given more than £50,000 but are yet to be publicly identified, including Robinson and Mackay, but the party did not respond.
However, openDemocracy can reveal that Simon William Smith, who has given the party £58,000, is an ‘angel investor’ with significant interests in cryptocurrency and related technologies. Reform has pledged to deregulate crypto and reduce tax on capital gains made on it.
Reform has also attracted many first-time donors to its cause, with around a quarter of large donations during this period coming from people or organisations with no apparent history of donating to political parties.
Among them are people with a varied range of commercial interests and professional backgrounds. They range from a former BlackRock executive to a company specialising in stage lighting electronics. Some of these donors control companies providing services to local authorities, including in the social care sector, while another donor has previously spoken out about the impact of small boat crossings on his haulage firm.
Overall, though the interests of the party’s wealthy backers are varied, there are common themes and a clear relationship between their political and commercial interests and Reform’s platform. Many stand to benefit significantly from an anti-net zero push, cutting back regulation in finance or energy, lower taxes on wealth and the liberalisation of cryptoassets.
Billionaire backing
While some of the funders from the UKIP and Brexit Party phases of Farage’s political life are now Reform donors, there is currently one notable absentee.
Christopher Harborne is a British billionaire with interests primarily in the fuel and aviation sectors and cryptocurrency. Though much was made of a potential massive donation from Elon Musk to Reform, in Harborne, the party already seemingly has the support of an eccentric tech billionaire who has form for seriously altering the course of British politics with huge donations.
Over a couple of years, Harborne gave Farage’s Brexit Party millions, becoming one of the largest British political donors in the modern era. He also gave Boris Johnson £1m around the time his government started talking up the crypto industry.
While Harborne has yet to put money directly into Reform in its current form, he has funded trips to the US for Farage. As he has active links to both the UK and Thailand (where he has adopted the name Chakrit Sakunkrit), it is not clear whether he is eligible to donate directly to the party, though he does control trading UK companies, which would be able to donate.
Reform also arguably receives significant backing from another major backer of right-wing UK causes: GB News. If payments that the television channel made to Reform MPs for TV gigs were classed as political donations rather than individual earnings, GB News would have been Reform’s second-largest external donor since the start of 2023, giving around £490k. Most of that cash went to Farage, but another of the party’s MPs, former Tory Lee Anderson, is paid £100,000 per year to host a regular show on the channel.
Nigel Farage reminds you that he’s the man that brought you Brexit and asks what could possibly go wrong.Nigel Farage explains the politics of Reform UK: Racism, Fake anti-establishmentism, Deregulation, Corporatism, Climate Change Denial, Mysogyny and Transphobia.
Prime Minister Rishi Sunak and Energy Security and Net Zero Secretary Grant Shapps. Credit: Simon Dawson / 10 Downing Street, CC BY-NC-ND 2.0
Individuals and entities linked to climate denial, fossil fuels and high pollution industries donated more than £3.5 million to the Conservative Party last year, DeSmog can reveal.
Electoral Commission records show that the party and its MPs received considerable sums from the highly polluting aviation and construction industries, mining and oil interests, and individuals linked to the Global Warming Policy Foundation, a think tank that denies climate science.
This revelation comes on the government’s supposed ‘green day’, when it has announced a long list of policies on energy and the transition to net zero.
However, rather than strengthen the commitment to the government’s legally binding climate targets, the policies are expected to entrench the role of fossil fuels in the UK’s energy system.
The government’s updated measures include a plan to loosen restrictions on oil and gas extraction in the North Sea, in which is says “we remain absolutely committed to maximising the vital production of UK oil and gas as the North Sea basin declines”.
The government’s failure to act on a number of key recommendations in the net zero review conducted by Conservative MP Chris Skidmore, along with a legal challenge to the UK’s climate plans, has prompted outrage from green campaigners.
“It’s clear this is not a strategy, just an assembly of lobby interests,” Tom Burke, a co-founder of the E3G think tank told The Guardian earlier this week.
Caroline Lucas told DeSmog that the government’s net zero announcements were becoming “muddier and murkier by the moment”.
The government’s green day “couldn’t be any more of a misnomer, when the Conservative Party is raking in millions of pounds’ worth of dirty donations from fossil fuel interests and climate deniers”, she added.
High-Pollution Industries
Aviation entrepreneur Christopher Harborne donated the largest total sum to the Conservatives in 2022, gifting £1.5 million to the party, which had an income of £31.7 million for the year ending 2021.
Harborne is the owner of AML Global, an aviation fuel supplier operating in 1,200 locations across the globe with a distribution network that includes “main and regional oil companies”, according to its website. Harborne is also the CEO of Sheriff Global Group, which trades in private jets.
Aviation emissions accounted for eight percent of the UK’s annual greenhouse gas emissions before the pandemic, according to the government’s Climate Change Committee (CCC).
Harborne has previously provided gifts to Conservative MP Steve Baker, who co-founded an anti-green group of back benchers, the Net Zero Scrutiny Group. Harborne has also donated some £6.5 million to the Brexit Party – now Reform UK – whose co-founder Nigel Farage has called for a referendum on the government’s net zero targets. Harborne has rarely spoken about the climate crisis, so the details of his personal views are unknown.
Harborne and all those cited in this article have been approached for comment.
One of the largest donations to the party in 2022 came from Mark Bamford, a member of the JCB construction dynasty, who gave £973,000. The JCB group, a multinational firm that manufactures equipment for construction, also donated more than £36,000 to the party during the year.
According to the government’s Environmental Audit Committee, the UK’s built environment is responsible for 25 percent of the UK’s greenhouse gas emissions, and “there has been a lack of government impetus or policy levers to assess and reduce these emissions”. The construction industry is also responsible for 18 percent of large particle pollution in the UK, a figure that rises to 30 percent in London, according to a recent report by Impact on Urban Health (IoUH) and the Centre for Low Emission Construction (CLEC).
Fossil Fuel Interests
The Conservative Party also received considerable sums from those directly tied to the fossil fuel industry.
This included more than £62,000 from Nova Venture Holdings, a firm wholly owned by Jacques Tohme, who describes himself as an “energy investor” on LinkedIn and lists his current role as co-founder and director of Tailwind Energy, an oil and gas company.
According to its website, Tailwind focuses on “maximis[ing] value in UK continental shelf (UKCS) opportunities”, an area which includes the North Sea. Serica Energy reportedly has an agreement in place to buy Tailwind, which will make Serica one of the 10 largest North Sea oil and gas producers.
The party also received £10,000 from Alan Lusty, the CEO of Adi Group, a “leading supplier of engineering services to the petrochemical industry”. These services “add significant value to petrochemical engineering companies”, Adi says, though the firm claims “to work towards delivering a low-carbon economy” through its products. Adi also provides engineering services to the aerospace and automotive industries.
Centrax, a firm that manufactures gas turbines, also gifted £35,000 to the Conservatives.
A further £23,900 was raised from Amjad Bseisu, the CEO of EnQuest, an oil and gas company. Bseisu has lobbied for support to maximise the exploration for fossil fuels in the North Sea, where EnQuest operates.
During the course of his Conservative leadership bid last summer, Rishi Sunak personally received £25,000 from Mick Davis – a mining tycoon and former CEO of the Conservative Party. Davis was the CEO of Xstrata, an Anglo-Swiss firm that specialised in coal production, among other things, before it was acquired by the commodities giant Glencore in 2013.
Sunak received a further £38,000 from Lord Michael Farmer, who founded the Red Kite metals trading and investment firm. According to his register of interests, Lord Farmer currently holds shares in Shell, BP, and Chesapeake Energy Corporation – an oil and gas company. Lord Farmer donated a further £50,000 directly to the Conservative Party in 2022.
Sunak’s leadership opponent Liz Truss was also the beneficiary of donations linked to the fossil fuel industry. Truss received £100,000, her largest single donation, from Fitriani Hay, a former director of Fosroc, which provides “construction solutions” to the oil and gas industry. Her husband, James Hay, is a former executive at the oil supermajor BP.
Truss also received substantial donations from individuals linked to groups lobbying for fracking regulations to be relaxed.
Lord Michael Spencer donated £286,000 to the Conservatives during the year, both personally and via his family firm IPGL, including a £25,000 donation to the Truss campaign. Lord Spencer, a reported billionaire, holds shares in several oil and gas companies.
Lord John Nash likewise donated £55,000 to the party, with the peer’s register of interests listing him as a shareholder in Shell and BHP.
Links to Climate Denial
Individuals and firms with close ties to the GWPF, an organisation that denies climate science, also helped to finance the Conservative Party last year.
This included Sir Michael Hintze, who donated £17,500 to the party and one of its MPs, Brandon Lewis. While Hintze avoids public statements on climate change, he was one of the early funders of the GWPF – an anti-green organisation that opposes what it describes as “extremely damaging and harmful policies” to mitigate climate change.
As revealed by DeSmog, Conservative MP Steve Baker received £5,000 from Neil Record in January 2022. Record is the chair of the Global Warming Policy Forum, the campaign arm of the GWPF, and has donated to the organisation.
Leader of the House of Commons Penny Mordaunt and Home Secretary Suella Braverman each received £10,000 in 2022 from First Corporate Consultants, owned by Terence Mordaunt, who sits on the board of the GWPF. Penny Mordaunt has previously distanced herself from the views of her namesake and donor in relation to climate change.
Net Zero Review
At least 60 new measures were unveiled today, focused on energy supply and the transition to net zero. The policies were previously set for a public launch in Aberdeen, the de facto capital of the UK’s oil and gas industry, before an outcry from green campaigners forced a re-think.
The government’s updated net zero policies are partly a response to a successful legal challenge, which proved that the government had failed to disclose sufficient details of how its climate goals will be achieved.
The revamped strategy is also a response to the net zero review commissioned from Chris Skidmore by former Prime Minister Liz Truss, released in January.
The government has defied several of Skidmore’s recommendations, such as refusing to ban flaring by 2025. Flaring is the process whereby fossil fuel extractors burn off the gas that comes out of the ground while drilling for oil.
Announcements have included the continued expansion of North Sea oil and gas exploration. The North Sea Transition Authority has this week announced that it is advocating new measures to “speed up North Sea oil and gas production” by “streamlin[ing] the buying and selling of assets”.
Green campaigners have suggested that the government’s updated plans continue to fall short of its climate targets – risking further legal action.
On Wednesday, the CCC released a new report on the UK’s climate change adaptation – saying that the country is “strikingly unprepared” for the impacts of global heating.
Baroness Brown, chair of the CCC’s Adaptation Committee, said: “The Government’s lack of urgency on climate resilience is in sharp contrast to the recent experience of people in this country. People, nature and infrastructure face damaging impacts as climate change takes hold. These impacts will only intensify in the coming decades”.
