One intriguing element of the battle on the right is the arms race for donations. Twelve months ago, Kemi Badenoch’s supporters could point to her prowess in this field; the Tory leader managed to raise £3.3 million in the first three months of 2025. By contrast Reform UK, the pop-up party, were struggling to keep the lights on for much of 2024. They received just £280,000 large donations in the final quarter that year – less than the moribund Communist Party of Great Britain registered.

Indeed, when I interviewed Nigel Farage last May, he wondered aloud just how the Tories were still able to raise so much money, given their diminished political fortunes. Fast forward to the beginning of 2026 and Reform can boast a different story. Speaking backstage at the Newark rally to mark Jenrick’s defection, Farage said he was expecting a ‘very, very, very good quarter’ for the first........

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