Questions about a £5 million gift to the leader of Reform UK Nigel Farage from a crypto billionaire simply won’t go away. As someone who spends their life thinking, writing and talking about money in politics, I’ve been left with at least five questions that remain unanswered. These centre not just on the donation and Reform’s financial arrangements, but also on what it says about the system of political finance in the UK.

1. Should he have declared it?

It appears so. It was reported in late April that Farage had received the cash from Christopher Harborne. This was shortly before deciding to stand in the seat of Clacton in the 2024 general election, which he subsequently won.

Farage claims that because it was a personal gift it did not need to be registered. However, the House of Commons code of conduct states that the possible motive of the gifter and what the donation is to be used for should be considered. If there is doubt, the code is clear that it should be registered.

Harborne has said he expected nothing in return, but only wanted to ensure Farage’s security. But given the timing of the gift, in 2024, questions might be asked about his motive. At this time, according to the Electoral Commission, Harborne had given about £1.5 million to the Conservatives (and £1 million to Boris Johnson’s private office). He had also........

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