TRANSPARENCY campaigners warned Britain’s democracy is at growing risk of being bought by the highest bidder after two billionaires pledged £72 million to Reform UK.

Crypto-billionaires Ben Delo and Christopher Harborne each decided to give £36m, as Housing Secretary Angela Rayner yesterday  suggested the government could impose a cap on political donations.

On Saturday, Thailand-based Mr Harborne said it was his “competitive spirit” which prompted him to match the record-breaking donation from Mr Delo from the day before.

Reform UK boss Nigel Farage said he was “honoured and humbled” by the gift from Mr Delo, who lives in Hong Kong but said in April he would return to Britain in order to avoid restrictions on overseas donors.

Transparency International UK policy director Duncan Hames said this was a “watershed moment, with two billionaires pledging £72m to one political party in less than 48 hours.

“At this rate just two people could end up buying our democracy before the next election.

“Over 80 per cent of the public think that mega donors use their wealth to advance their interests, and there is overwhelming support for limiting how much donors can give.

“This situation is now completely out of control, and makes an irrefutable case for government to bring forward an annual cap on political donations, and fast.”

Prime Minister Andy Burnham was previously understood to have supported a cap, but last week, the government did not accept amendments to its Representation of the People Bill that would have imposed a cap of £100,000 per year on donations from a single source.

Yesterday, Ms Rayner indicated minsters may be rethinking the position.

Speaking to the BBC’s Sunday With Laura Kuenssberg, Ms Rayner said this was due to concerns over “loopholes.”

Leaving the door open on such a policy, she said: “It’s not as simple as we’re saying we won’t put a cap.”

Green Party deputy leader Rachel Millward branded Reform “a vessel for the super wealthy.”

She added: “They will always act in the interests of the super wealthy.

“Labour could have stopped this years ago by capping donations. Burnham promised to do it then backtracked. Will he now admit this was a mistake?

“Burnham and Labour have been quiet on a donations cap for the last 24 hours. The public needs to know where he stands.”