I beg to move,
That leave be given to bring in a Bill to make provision about a cap on political donations; to make provision for a review to recommend the level at which such a cap should be set and to consider the impact of such a cap; to make provision about political donations made by foreign nationals through companies; and for connected purposes.
This is a Bill that will take big money out of British politics, protect our democracy from foreign interference, and restore public trust in our electoral system. For too long, our politics has been exposed. It is far too easy for those who do not have the national interest of our country at heart, or who have made their wealth through illicit means, to funnel money into British politics. The Bill is simple in its aim: to ensure that it is the people of this country, not the deep pockets of foreign billionaires, oligarchs or corporate interests, who decide our country’s future in elections and referendums.
Trust in our political system is faltering. Many people look at our politics and see a system rigged in favour of the rich and powerful. A recent poll by YouGov found that more than two thirds of the British public support a limit on political donations. Not-for-profit organisations such as Unlock Democracy, Spotlight on Corruption and Fair Vote say that that we should take swift action to tighten electoral finance legislation, or else risk democratic backsliding. The message is clear: people want change. We want big money kicked out of politics. Under our current system, however, there is no limit to what a single individual or business can donate. That is not democracy; it is a bidding war for influence, ripe for exploitation by oligarchs and foreign billionaires.
Look at the mess this has resulted in. Just over a month ago, people across Britain recoiled in horror to read the news that the US billionaire Elon Musk planned to donate an uncapped amount of money to Reform. If he were to follow up that plan, we would be powerless to stop him. Most alarming were the past donations to the Conservative party from individuals with links to the Russian Government. This is not just about fairness; it is about national security.
Britain has long prided itself on being a beacon of democracy, but we must not be complacent. Our political financial regulations have glaring loopholes that are open for exploitation by foreign money, funnelled through UK-registered companies, opaque financial networks and questionable donors. Malign actors who do not share our values of tolerance, liberty and the rule of law should not have unrestricted access to our democracy. We know that hostile states seek to undermine our democracies all the time—we have seen it in cyber-attacks and disinformation campaigns—yet our political finance laws remain riddled with loopholes that allow foreign and dark money to shape British politics. The Bill seeks to close those gaps, ensuring that our elections and referendums belong to the voters and not to foreign interests.