It would also set new rules around donations from companies owned by foreign individuals, including in cases where “oligarchs and foreign billionaires” funnel their money through a UK-based company to evade the existing restrictions.
Foreign billionaires like Elon Musk should face a block on political donations, an MP has said, amid fears British elections have become a “bidding war for influence”.
Mr Musk, who leads the US Department of Government Efficiency (DOGE) set up by US President Donald Trump and owns the social media platform X, formerly Twitter, was reportedly in talks with Nigel Farage about making a donation to Reform UK, which has five MPs.
Ms Perteghella told the Commons: “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.
The Liberal Democrat MP warned that without rules to cap or block donations, ministers and the elections watchdog are “powerless” to stop rich individuals from influencing UK elections.
