Reform UK leader Nigel Farage at the party’s 2024 annual conference in Birmingham. Credit: Reform UK / YouTube
DeSmog and the New World have been blacklisted by Nigel Farage’s party.
A leading press freedom group has accused Reform UK of drawing from the “authoritarian playbook” by blocking media outlets from attending its annual conference this weekend.
The party informed DeSmog and the New World yesterday that its journalists would not be accredited for this year’s event. It did not offer an explanation.
The New World (formerly the New European) is a weekly newspaper with 35,000 subscribers whose contributors and editors include former New Labour communications chief Alastair Campbell, former global editor of the Bureau of Investigative Journalism James Ball, and former Spectator editor Matthew d’Ancona.
DeSmog is one of the UK’s leading climate investigations platforms. This year alone it has published stories in partnership with the likes of the BBC, The Guardian, the Financial Times, Private Eye, and The Mirror.
“It is shocking to see UK political parties seeking to pick and choose who can report on them,” said Fiona O’Brien, UK director of Reporters Without Borders (RSF).
“For democracy to work, journalists must be free to cover political events like party conferences and hold those in power to account, on behalf of the public.
“Reform UK’s actions in recent weeks – which include banning councillors from speaking to local journalists and falsely accusing journalists of activism – are straight out of the authoritarian playbook and should immediately be reversed.”
Reform’s leader of Nottinghamshire County Council, Mick Barton, has banned his councillors from speaking to local press outlet the Nottinghamshire Post and its online arm Nottinghamshire Live. The ban followed critical coverage of Reform by the publication, whose journalists were accused of acting “as activists” by the party’s deputy leader Richard Tice.
Reform’s leader Nigel Farage is paid more than £300,000 a year as a presenter on the anti-climate media outlet GB News, while Tice was formerly employed by GB News and its Murdoch-owned rival TalkTV.
Farage sported a GB News badge in Congress yesterday as he testified to U.S. lawmakers about supposed “free speech” issues in the UK.
The Reform leader used the session to compare Britain to North Korea, and to urge the U.S. to punish the UK for its alleged free speech infringements.
However, Farage was also held to account for his own questionable free speech record. Democrat Jamie Raskin asked the Reform leader: “Why do you ban journalists who oppose your views from coming to your events?”
“I don’t,” Farage responded. “I can’t think, if I go back over the past 25 years, of banning anybody.”
That statement is contradicted by Reform’s decision to ban DeSmog and the New World from this year’s conference.
Byline Times also announced today that it has been banned from attending this year’s Conservative Party conference. DeSmog and a number of other independent outlets were banned from last year’s Tory conference.
Reform Conference 2025
As reported by DeSmog yesterday, Reform’s conference in Birmingham will feature climate science deniers, anti-vaccine conspiracy theorists, and dark money campaign groups.
They include the Heartland Institute, a group close to Donald Trump’s administration that has called human-induced climate change a “delusion”, and Net Zero Watch – the campaign arm of the Global Warming Policy Foundation, which has claimed that carbon dioxide has been “mercilessly demonised”.
By giving them a platform, Reform is “showing open contempt for the British public already living with the realities of climate breakdown,” said Tessa Khan, executive director of the research and campaign group Uplift.
A recent report by the New Economics Foundation found that Reform’s climate policies – which include scrapping clean energy investment and drilling for more fossil fuels – would cost more than 60,000 jobs and wipe £92 billion off the UK economy.
DeSmog previously revealed that Reform is offering access to Farage during the conference in exchange for hefty donations. A sum of £250,000 buys 10 seats at a champagne breakfast with the Reform leader during the two-day event, as well as “chauffeur-driven travel”, a personal assistant, and the sponsor’s logo on the main conference stage and battle bus.
DeSmog asked Reform to explain why it had been banned from the event, but did not receive a response.
Nigel Farage explains the politics of Reform UK: Racism, Fake anti-establishmentism, Deregulation, Corporatism, Climate Change Denial, Mysogyny and Transphobia.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.Nigel Farage reminds you that he’s the man that brought you Brexit and asks what could possibly go wrong.
Reform is also giving a platform to a number of groups belonging to the Tufton Street network – an alliance of anti-government campaign outfits that lobby for more fossil fuel extraction and keep their donors a secret.
For the second year in a row, DeSmog has been banned from attending the event, which will be held in Birmingham.
The conference will also feature Together, a prominent anti-vaccine conspiracy theory group that has launched a campaign against the UK’s 2050 net zero emissions target.
“By giving a platform to climate deniers like Net Zero Watch and the Heartland Institute, Reform is showing open contempt for the British public already living with the realities of climate breakdown,” said Tessa Khan, executive director of the research and campaign group Uplift.
“Homes are being flooded again and again, farmers are losing billions to drought, and Scotland’s firefighters are battling wildfires. This is not theory – it’s people’s lives and livelihoods at stake,” Khan said.
“Reform’s deluded energy policy wilfully ignores the fact that the UK has already burnt most of its gas. Official projections show, even with new drilling, the UK will be 94 percent reliant on expensive, dirty imports by 2050. All this while Reform seeks to block the UK from profiting from some of the world’s best resources for offshore wind.
“Our dangerous dependence on fossil fuels is exactly why energy bills are so high and why millions of families across the UK have been driven into fuel poverty. Reform knows this. And it simply does not care.”
Most senior Reform politicians, including Farage, deny basic climate science. At the Alliance for Responsible Citizenship conference in February, the Reform leader said it was “absolutely nuts” for CO2 to be considered a pollutant. In the same month, Farage’s deputy Richard Ticetold 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.”
Last month, Reform’s Great Lincolnshire Mayor Andrea Jenkynssaid in an interview with Times Radio: “Do I believe that climate change exists? No.”
They have expressed these views despite representing areas exposed to the worst effects of extreme heat.
Reform received 92 percent of its donations between the 2019 and 2024 UK elections from polluting sources and climate science deniers, while its treasurer Nick Candy has claimed the party is actively raising money from oil executives.
In Farage’s constituency of Clacton, 68 percent of the public is worried about rising temperatures, according to a YouGov poll published last August – slightly above the national average of 66 percent.
A recent report by the New Economics Foundation found that Reform’s climate policies would cost more than 60,000 jobs and wipe £92 billion off the UK economy. The science of climate change is also unequivocal: scientists at the UN’s Intergovernmental Panel on Climate Change (IPCC) have stressed that “it is a statement of fact, we cannot be any more certain; it is unequivocal and indisputable that humans are warming the planet”.
DeSmog previously revealed that Reform is offering access to Farage during the conference in exchange for hefty donations. A sum of £250,000 buys 10 seats at a champagne breakfast with the Reform leader during the two-day event, as well as “chauffeur-driven travel”, a personal assistant, and the sponsor’s logo on the main conference stage and battle bus.
Reform didn’t respond to DeSmog’s request for comment.
Below is a summary of the key anti-climate groups to be given a platform at Reform’s conference.
Heartland Institute
The Heartland Institute is a U.S. climate science denial group with close ties to the Trump administration.
It has denied that humans are driving climate change, which it has called a “delusion”. The group claims it is “the world’s most prominent think tank supporting scepticism about man-made climate change”.
Heartland received at least $676,000 between 1998 and 2007 from U.S. oil giant ExxonMobil, and has received donations from foundations linked to the owners of Koch Industries – a fossil fuel giant and a leading sponsor of climate science denial.
The Heartland Institute previously told DeSmog that it ”stands resolute in its mission to advance sound science, economic prosperity, and individual liberty”. It added that “our support comes from a diverse array of individuals and organisations who share our vision for a freer, more prosperous world.”
Heartland was one of the groups involved in drafting Project 2025, the radical blueprint for Trump’s second term, which proposed reversing climate policies, slashing restrictions on fossil fuel extraction, scrapping state investment in renewable energy, and gutting the Environmental Protection Agency (EPA).
Earlier this month, President Trump hired Roy Spencer, a policy advisor at the Heartland Institute and a former fellow at the Heritage Foundation – the key group behind Project 2025 – as an advisor to the Department of Energy.
Heartland’s UK-EU director Lois Perry has claimed that the institute boasts “very strong affiliations” with “certain big individuals” in Trump’s team.
Nigel Farage attended a fundraising dinner for the institute in September 2024 during which he called for more fossil fuel extraction and the victory of Trump in November’s presidential election, saying: “Let’s get Trump back; let’s drill baby drill”.
He also advocated what he called “a bit of reverse colonialism”.
“Maybe it’s time that Heartland came and set up in Britain and Europe and brought some of the wisdom that you’ve brought to the American debate,” he said – adding: “I’d love to see Heartland on the other side of the pond.”
Farage soon got his wish. In December, Heartland announced it was setting up a UK-EU branch. The Reform leader was the “special guest of honour” at the group’s launch event in London, which also featured disgraced former Conservative prime minister Liz Truss.
Cementing his Heartland links, Farage headlined an invite-only event in June this year entitled “Net Zero: The New Brexit?” held at 55 Tufton Street.
As revealed by DeSmog, Heartland has been working closely with far-right politicians in Europe to undermine the bloc’s green reforms.
Perry, who is speaking at Reform’s conference, has previously said she does not believe climate change is caused by humans. She has said it’s her “personal belief” that climate change “is happening” but “is not man made”.
Like Farage, Perry is a former leader of the UK Independence Party (UKIP). She used to run the anti-net zero pressure group CAR26, which has claimed that carbon dioxide is “essential to all life” and that its “welcome growth has greened our planet saving countless human and other lives”.
She recently claimed on a Heartland Institute podcast that she “knows for a fact” Farage credits Heartland with helping to shape Reform’s climate policies.
Heartland Institute president James Taylor told DeSmog: “Climate realism and energy realism are gaining traction throughout the world. The Heartland Institute appreciates that the Reform Party is on board and recognises Heartland as the global leader courageously providing truthful information on these topics. We also appreciate the encouragement and support provided by many policymakers among the UK Conservative Party. A rising tide lifts all boats and we are excited to be prominently leading the charge in the UK and throughout Europe.”
Institute of Economic Affairs
The Institute of Economic Affairs (IEA) is a radical anti-government campaign group that is part of the Tufton Street network.
The IEA, which has close ties to Liz Truss, advocates for increased fossil fuel production and against state-led climate action.
The IEA is a prominent supporter of the continued and extended use of fossil fuels. The group has advocated for the ban to be lifted on fracking for shale gas, calling it the “moral and economic choice”. The IEA has also said that the ban on new North Sea oil and gas licences is “madness”, has criticised the windfall tax imposed by the UK on fossil fuel firms, and said that the previous government’s commitment to “max out” the UK’s oil and gas reserves was a “welcome step”.
In 2018, Greenpeace’s investigative journalism unit Unearthed revealed that the IEA had received funding from oil major BP every year since 1967. In response to the story, an IEA spokeswoman said: “It is surely uncontroversial that the IEA’s principles coincide with the interests of our donors.”
The IEA also received a £21,000 grant from U.S. oil major ExxonMobil in 2005. The IEA is a member of Atlas Network, a Washington-based umbrella organisation that suppors over 450 “free market” groups around the world. Both the IEA and Atlas were founded by Antony Fisher. Fisher’s daughter, Linda Whetstone, was chair of the Atlas Network as well as a director of the IEA until her death in December 2021.
The IEA does not publicly declare its donors, and it’s not known if the pressure group has received funding from BP or ExxonMobil in more recent years.
The group is currently under investigation by the Charity Commission. The IEA was approached for comment.
TaxPayers’ Alliance
The TaxPayers’ Alliance (TPA), based in 55 Tufton Street, also campaigns in favour of fossil fuel extraction and against climate policies.
The group, which claims to be a grassroots movement while being supported by anonymous private donors, has supported ending the windfall tax on oil companies, scrapping the UK’s 2050 net zero target, and restarting fracking.
The TPA was approached for comment.
Net Zero Watch
Reform’s conference will also feature Net Zero Watch – one of the UK’s most notorious anti-climate campaign groups – on a panel entitled “Drill baby drill: abandoning net zero and restoring energy abundance”.
Net Zero Watch has urged the government to “recommit to fossil fuels”, including “a new fleet of coal fired power stations”, and has called for renewable energy from wind and solar to be “wound down completely”. From May 2023 to 2025, Reform’s Andrea Jenkyns sat on the Net Zero Watch board.
In a report published last March, the GWPF claimed it was “naive and entirely unrealistic” to believe that CO2 is causing climate change, that record global temperatures are “normal”, and that “there is no observational evidence for any global climate crisis”.
The group has previously expressed the view that carbon dioxide has been “mercilessly demonised”, when in fact it is a “benefit to the planet” and should be “two or three times” higher than its current level.
Net Zero Watch campaign director will be speaking alongside Kathryn Porter, a fossil fuel industry consultant who has written several reports for the GWPF and Net Zero Watch.
Net Zero Watch and the GWPF were approached for comment.
Prosperity Institute
The Prosperity Institute – formerly known as the Legatum Institute – is hosting several events at Reform conference.
A pro-Brexit think tank, the Prosperity Institute is run by the Dubai-based investment firm Legatum Group, which co-owns the anti-climate broadcaster GB News alongside hedge fund mogul Paul Marshall. GB News employs Farage to the tune of more than £300,000 a year.
In May, after Reform’s local election gains, Prosperity published an article entitled “Farage has the power to defund Net Zero” which claimed that “energy bills have skyrocketed, industries have fled and living standards have fallen” due to the UK’s climate policies.
According to the Spectator Australia, at a Prosperity Institute event in July, Farage said he would need the think tank to bring “fresh young talent into current affairs” and provide “policy solutions we can give to the electorate next time round”.
He said “the great revolution that took place from 1979” – a reference to the election of Margaret Thatcher – was based on the “hard work and good thinking” of neo-liberal economists like Keith Joseph and Milton Friedman.
“That in many ways is your role today”, he told the Prosperity Institute audience – urging the group to produce “the ammunition” to “those of us on the front lines”.
As revealed by DeSmog, the Prosperity Institute previously donated £50,000 to the New Conservatives – a faction of the Conservative Party.
Centre for a Better Britain
The conference will also feature the Centre for a Better Britain – a new Reform-aligned think tank set to launch this month.
The group is funded by Mark Thompson, an investor with interests in metals, fossil fuels, and renewable energy, and his business associate David Lilley, a senior metals trader and former Conservative donor who has given over £270,000 to Reform.
The Centre for a Better Britain, which is attempting to raise £25 million – including from Trump donors – intends to “support Reform with policy development, briefing and rebuttal,” according to plans seen by the Financial Times.
The think tank is chaired by James Orr, a Cambridge academic who has been described as the “philosopher king” of U.S. Vice President JD Vance.
Orr has expressed radical anti-climate positions, claiming in an interview with the European Conservative last month that the UK’s energy policies are “crazy” and that the pursuit of net zero is “fiscal suicide”.
At an event in Hungary last month hosted by the oil-funded think tank Mathias Corvinus Collegium (MCC), Orr also accused the UK of adopting a “naive and dangerous” approach to Russia’s invasion of Ukraine and instead praised Hungary’s approach, which has seen the country systematically block and delay EU military aid packages, and sanctions on Russian oligarchs.
In the European Conservative interview, Orr suggested the war was a “regional Slavic conflict”.
“It is a conflict happening in the world that I don’t care very much about,” he added.
Farage, who used to appear regularly on state broadcaster Russia Today, has previously said that Putin is the world leader that he most admires, though he has also called him a “bad man”.
Together and Farmers to Action
Established in 2021 to oppose mandatory Covid-19 protection measures, such as lockdowns and vaccines, Together has since launched a “no to net zero” campaign that calls for the UK to scrap climate policies.
In January last year, the group said it was “incredible” that the then prime minister Rishi Sunak should “mindlessly assert ‘Covid vaccines are safe’” in a post on X. It has also backed a report which called for the government to pause its vaccination programme over a number of widely debunked conspiracy theories about its safety, including that the vaccine alters human DNA.
Together has recently partnered with Farmers To Action – a protest group also set to feature at Reform’s conference. The group has used recent anti-inheritance tax campaigns to spread anti-climate views.
The leader of Farmers to Action, Justin Rogers, has claimed that “climate change is one of the biggest scams that has ever been told”, propagated by “our governments and their puppet masters.” He has also claimed that oil and gas are renewable, and that carbon dioxide cannot be dangerous because it “feeds plants”.
At an event co-hosted by Together and Farmers to Action in February, Farage endorsed a conspiracy theory popular among the far-right.
Speaking in front of around 50 tractors at Belmont Farm in North London, Farage insinuated that the Labour government had a “sinister agenda” to acquire “lots of land because they’re planning for another five million people to come into the country”.
This claim is borne from the “Great Replacement” conspiracy theory, which holds that progressive immigration policies are a mechanism to replace white people in the West, and has been cited by Donald Trump in recent months.
Farmers to Action and Together were approached for comment.
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.Nigel Farage explains the politics of Reform UK: Racism, Fake anti-establishmentism, Deregulation, Corporatism, Climate Change Denial, Mysogyny and Transphobia.Nigel Farage reminds you that he’s the man that brought you Brexit and asks what could possibly go wrong.
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.
The Conservatives received a hefty sum from oil and gas investors and those with roles at anti-climate campaign groups during the period when the party rolled back a key climate commitment.
In March, Badenoch announced that the Conservatives would no longer be advocating for the UK to achieve net zero emissions by 2050 – the goal currently pursued by the government. In a speech hosted by an advertising group that works for the oil giant Shell, Badenoch suggested that we are “bankrupting ourselves” in the pursuit of the 2050 target.
While the UK’s oil and gas reserves are dwindling, the country’s green economy grew by 10 percent in 2024.
Badenoch said that the country should still seek to reduce its climate impact, but shouldn’t set a date for achieving net zero.
Record – who is also lifetime president of the Institute of Economic Affairs (IEA), a pressure group that received funding from BP every year from 1967 to at least 2018 – has claimed that achieving net zero emissions by 2050 “will restrict our freedom, and is likely to be eye-wateringly expensive”. Record has donated to both the IEA and GWPF.
The GWPF regularly contradicts basic climate science, suggesting that CO2 emissions are “not pollution”.
A month before her net zero announcement, Record paid for Badenoch, her family, and members of her shadow cabinet to have a week-long retreat in Gloucestershire. The Net Zero Watch chair is close to the Tory leader, having provided funding and office space to her 2024 leadership campaign.
Over the past two decades, the Conservative Party has accepted £7.2 million from senior figures at the GWPF, while Badenoch’s campaign also received funding from a director at the fossil fuel major Chevron.
The party accepted a further £117,600 in the first quarter of this year from Alasdair Locke, a longstanding Tory donor who made his fortune in the oil industry. Locke is currently the chair of the UK’s largest independent petrol station operator Motor Fuel Group, and the non-executive chair of Well-Safe solutions, a firm that decommissions oil and gas wells. He is the founder of Abbot Group, a major oil and gas services company in the North Sea.
Badenoch’s party also received £75,000 in March from IPGL, a family investment firm belonging to Tory peer Lord Michael Spencer. A billionaire financier and former Tory treasurer, Spencer has investments worth at least £100,000 in each of the oil and gas companies Deltic Energy and Pantheon Resources.
“Is it any wonder that Kemi Badenoch’s Tories are so vehemently against net zero? No sooner do they get a quarter of a million from fossil fuel companies, do they decide to ditch the net zero commitments that they were so evangelical about just a few years ago,” said Harmit Kambo, campaigns manager at Good Law Project. “Given the existential climate threats we face, the Tories’ capitulation to climate change deniers perhaps sets a new low for their policy-making integrity.”
The Conservatives, Neil Record, Alasdair Locke, and Michael Spencer were approached for comment.
The right-wing multi-millionaire, who also owns The Spectator, called for the public broadcaster to be part-privatised at a Pharos Foundation event.
GB News co-owner Paul Marshall speaking at the Pharos Foundation on 20 May 2025. Credit: Pharos Foundation / YouTube
A hedge fund manager who owns three right-wing UK media outlets has called for the BBC to be “broken up” and its fact-checking service “shut down”.
Sir Paul Marshall – proprietor of GB News, The Spectator, and Unherd – was speaking last week (20 May) at the Pharos Foundation, an educational charity that received £350,000 from Marshall’s charity Sequoia Trust in 2023.
Pharos co-founder and director Neil Record, chair of Net Zero Watch, a climate science denial campaign group, is a significant backer of Conservative Party leader Kemi Badenoch.
In his speech, titled ‘Reflections of an Accidental Media Owner’, Marshall said: “the BBC squats like a giant toad in the middle of the UK media landscape”, calling it “a propaganda arm of the state, who [sic] are ultimately its paymasters.”
The multi-millionaire, who runs the hedge fund Marshall Wace, added that “the BBC should be broken up” to separate its “public service elements” like news and documentaries from “entertainment, drama, sport”, adding: “The latter should be privatised and allowed to complete to compete with other entertainment companies.”
Marshall also took aim at BBC Verify, the corporation’s fact-checking service founded in 2023 to cover and debunk online misinformation, calling for the service to be “shut down”.
Marshall accused progressive groups like Stop Funding Hate, HOPE not hate, and Led by Donkeys of acting like “school yard bullies” on social media.
“Unfortunately most of the disinformation agents who seek to track sites or individuals under the misinformation rubric have an explicit or near explicit left-wing agenda,” Marshall said. “This very much includes BBC Verify which is frankly an abuse of taxpayer money and should be shut down.”
GB News has accused of spreading misleading information – includingconspiracy theories – since it launched in June 2021, and has been regularly probed by broadcast regulator Ofcom.
In February 2024, HOPE not hate revealed that Marshall had been liking and retweeting posts on X expressing a wide variety of anti-Muslim views, including a post that called for the “mass expulsions” of refugees. Responding to HOPE not hate, a representative for Marshall said: “He posts on a wide variety of subjects and those cited represent a small and unrepresentative sample of over 5,000 posts. This sample does not represent his views.”
As DeSmog has reported, GB News frequently platforms individuals who deny basic climate science, while its guests and presenters attacked climate action nearly 1,000 times in the immediate run-up and aftermath of the 2024 general election.
BBC Verify has debunked false claims about climate issues, including whether the UK is meeting its net zero targets, on the supposed need for new North Sea oil and gas extraction, and false claims about extreme weather events.
As DeSmog has revealed, Marshall’s hedge fund Marshall Wace had billions invested in fossil fuels as of June 2023. One of its major investors, the private equity giant KKR, which is tipped to buy Thames Water, is itself a significant fossil fuel investor.
Richard Wilson, founder of Stop Funding Hate, told DeSmog: “A fossil fuel magnate is pushing for the break-up of the BBC – and lobbying for its fact-checking service to be shut down – while bankrolling a TV channel that pumps out toxic misinformation on climate change.
“GB News has lost over £100 million as advertisers continue to steer clear. So it’s understandable that the channel’s owner would want to lash out at Stop Funding Hate supporters. But we’re happy to take these attacks as a badge of honour – and another sign that our campaigning is working.”
His attacks on the BBC echo those of Reform UK, whose leader Nigel Farage receives a six-figure salary to host his own show on GB News.
Reform’s manifesto for the 2024 election included a pledge to scrap the BBC licence fee, labelling the broadcaster “institutionally biased” and “wasteful”.
“Marshall and his professional disinfluencers know they’ve utterly lost the fight on facts, and instead of being correct, they’ve started attacking the fact checking referees at the BBC,” said Philip Newell, communications co-chair of the Climate Action Against Disinformation coalition.
“In a healthy democracy, unbiased news is a vital tool of holding the rich accountable – which is exactly why one part of the disinformation playbook is to attack fact checkers and media institutions that speak truth to power. That an oily hedge fund baron has attacked the BBC only further confirms its validity and value.”
More recently, Donald Trump’s administration in the U.S. cut government funding for public broadcasters NPR and PBS, accusing them of bias.
The Pharos Foundation, which offers “Marshall fellowships” in Sir Paul’s honour, is also politically connected.
Pharos director Neil Record donated £10,000 and the use of office space to Kemi Badenoch’s campaign for the Tory leadership last autumn. Badenoch stayed at Record’s Gloucestershire estate in February ahead of a flagship speech attacking net zero targets.
Record is chair of Net Zero Watch, the campaign arm of the Global Warming Policy Foundation (GWPF), which claims carbon dioxide emissions are “not pollution” and could be a “benefit” to the planet.
He is also a life vice president of the Institute of Economic Affairs (IEA), an anti-regulation think tank that has received funding from the oil giant BP.
Pharos was also co-founded by historian Nigel Biggar, who was nominated for a peerage by Badenoch in late 2024.
After purchasing The Spectator in September 2024 for £100 million, Marshall appointed former Conservative Party Cabinet minister Michael Gove as its editor.
Gove is the founder of think tank Policy Exchange, whose head of political economy James Vitali is a current Pharos research fellow. Marshall donated £890,000 to Policy Exchange between 2020 and 2023.
The chair of Pharos’ development committee, Sian Hansen, until recently worked as chief operating officer at CT Group, the lobbying firm that has represented the Prosperity Institute (formerly known as the Legatum Institute), whose funder the Legatum Group co-owns GB News with Paul Marshall.
CT Group has lobbied on behalf of oil and gas companies, and its clients have included the Australian Petroleum Production and Exploration Association and BHP, which has mining and oil assets.
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