A majority of the public support a cap on political donations, including half of Reform UK voters, according to a new poll.
Data shared exclusively with Sky News indicates widespread concern about the influence of money in British politics.
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There is no upper limit on what an individual or company can give to a party it supports.
The survey, conducted by Survation for Campaign Group 38 Degrees, shows 60% of people would back imposing a cap.
This includes over two-thirds of Labour and Lib Dem voters at the 2024 general election and more than half of Conservative and Reform UK voters.
The Reform data comes amid speculation that Elon Musk could make a multi-million-pound donation to the party – something leader Nigel Farage and other senior figures have said they would welcome.
Matthew McGregor, CEO at 38 Degrees, told Sky News that if this happened it would give the world’s richest man “terrifying levels of influence” and ministers “cannot afford to sit this one out”.
He said: “The research is clear, if the government capped political donations, they’d have the backing of the British public – from two-thirds of Labour voters to the majority of Reform voters.
“It’s time for new legislation to cap political donations, to protect our precious British democracy from outside influence.”
This comes after former Labour Home Secretary Lord Blunkett told Sky News there should be an “upper ceiling” on how much companies and trade unions can donate to parties, as well as stricter rules on “where money originates”.
Labour pledged to “protect democracy by strengthening the rules around donations to political parties” in its manifesto.
However, ministers have said a cap is “not their priority” and different proposals will be set out in “due course”.
Calls to close ‘loopholes’
Democracy groups like Transparency International have previously called for an annual donation cap of £10,000 for individuals and organisations, as recommended by parliament’s Committee on Standards in Public Life in 2011.
Experts have also called for political parties to be required by law to identify the true source of funds, as well as a limit on company donations so they don’t exceed profits generated within the UK.
While political parties are banned from accepting foreign donations, there are loopholes which allow people from overseas to give money via a UK-based company.
It means US citizen Mr Musk wouldn’t be able to make a personal donation to a UK political party, but he could do so through the UK subsidiaries of his companies.
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Ministers are under pressure given concerns around the tech tycoon, who has made vocal interventions about British politics on his X platform.
However, the issue is not new and all parties have faced questions over the money they receive, with Labour’s first weeks in office blighted by a donations and freebies row.
Shadow justice secretary Robert Jenrick also recently came under scrutiny for accepting a £75,000 donation from a company which had received a loan from a firm registered in the British Virgin Islands (BVI).
Those arguing for less money in politics say the issue is having a corrosive impact on trust, while putting democracy at risk of foreign interference and undue influence of high-level donors.
There is now more money in politics than ever, after the Conservatives quietly increased party spending limits on election campaigns in line with inflation and raised the threshold for parties to report accepted donations to the Electoral Commission.
Sky News has contacted the government for comment.
A Ministry for Housing, Communities and Local Government spokesperson has previously said: “It is vital we protect our democracy from malign actors who seek to interfere in UK elections through illegitimate political donations.
“That’s why the government committed in its manifesto to strengthen the rules around donations to political parties, and work is ongoing to meet this commitment.”
