Donation figures reveal funding struggle despite polling boost
Reform UK, led by Nigel Farage, has surged in the polls in recent months – yet behind the scenes, the party is showing signs of financial strain.
New disclosures reveal that Reform raised significantly less in fresh donations than initial headlines suggested, casting doubt on its ability to convert public support into a sustainable campaign machine.
While the party appeared to pull in nearly £1.5m in the first quarter of 2025, over £600,000 of that figure came not from new donors but from the reclassification of historical loans made by deputy leader Richard Tice. In real terms, Reform secured just £840,000 in cash donations – far less than Labour, the Conservatives or the Liberal Democrats.
A narrow donor base
This funding gap reflects Reform’s ongoing struggle to broaden its financial support beyond a small circle of insiders. Despite bold claims from party treasurer Nick Candy that several billionaires were prepared to step in, the lion’s share of donations still comes from party figures such as Tice, former chair Zia Yusuf, and Fiona Cottrell.
Since its rebranding from the Brexit Party in 2021, nearly half of all Reform UK funding has come from this tight-knit group, raising concerns about the party’s ability to scale.
Polls up, pockets shallow
The numbers matter. As the general election draws nearer, air time, digital ads, candidate infrastructure, and ground campaigning all depend on resources. Reform’s polling success, while noteworthy, has yet to translate into the kind of financial backing required to build a credible national operation.
For Farage, the lack of campaign muscle undermines his populist appeal. Support at the ballot box is one thing – but without the means to reach voters en masse, that momentum risks stalling.
Donors hedge their bets
A senior Conservative source said major donors are reconsidering their positions. “Reform was meant to eat our lunch,” they commented. “It just hasn’t happened.” Some traditional Tory funders now view a weakened Conservative Party as a greater risk than policy disagreements.
From surge to standstill?
Reform UK may still dominate headlines and TikTok clips, but unless it can solve its funding challenge, its ambitions could hit a wall. Enthusiasm wins attention – but elections are won on infrastructure. And right now, the figures suggest Reform’s forward charge may already be losing pace.
