British politics looks set to be dominated in the coming weeks and months by the £72 million donated to Reform UK. This is because, and there’s really no other way to cut the cake here, this is an astonishing amount of money.

The donations to Reform came in the space of just one weekend – £36 million each from crypto billionaires Ben Delo and Christopher Harborne. Delo has ties to Hong Kong, while Harborne – whose self-confessed “competitive spirit” prompted him to match the first donation – is based in Thailand.

There’s a temptation to say I told you so (hands up if you were warning 18 months ago, as I was, about mega-donors). But it’s more important to think about what’s next – and the consequences for Reform of accepting these donations.

Read more: Reform UK polling sting: why even small donations matter in politics these days

Both donors have said they expect nothing in return. But in terms of the legality of the donations, the case is complex because of the representation of the people bill, currently going through parliament. In March, Labour’s Steve Reed announced that it would include a £100,000 annual cap on donations from UK residents living overseas.

Importantly, he said that these changes applied from the day they were announced. Some believe, though nobody is quite sure, that this includes both Delo and Harborne.

Reports suggest that Harborne restored himself to the UK electoral roll........

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