The £72 million question

Two men gave Nigel Farage's party £72 million in 36 hours. Sam Coates put that in context for us: in the whole of 2025, every British party combined raised about £67 million. Reform beat that in a weekend. And for now, all of it is legal.

Sam is the Deputy Political Editor of Sky News and co-hosts the daily Politics at Sam and Anne's with Politico's Anne McElvoy.

What we got into:

• Can Labour make them give it back? The government wants to backdate a £100,000 cap on overseas donors to March. Sam has talked to the people who would have to enforce it, and his answer is a long way from the wishful thinking in the comment sections.
• Why Britain never capped donations. Canada did it 20 years ago. Sam's explanation is one sentence long.
• What £72 million actually buys. There are no TV ads in Britain and campaign limits are tight. So where does the money go? Reform TV, a policy shop, and a campaign manager in every target seat. Plus Andrew's confession about what candidates always assumed central office did with the money.
• Did Channel 4 do Reform a favour? The undercover sting cost Farage two of his inner circle. Sam's read on why he'd kept them around this long, and whether he can "do the hard yards" to get from eight MPs to 326.
• Better eyelashes on the same body. Sam on the Burnham bounce: a "relatively bloodless coup," a Prime Minister who is simply a better politician than his predecessor, and the same debt, the same rules, and almost no money left. His verdict date is Christmas.
• Holborn and St Pancras. The Green leader is running, George Galloway just joined him, and Labour has quietly shelved a North Sea drilling decision until after polling day. Where the smart money is.

Three predictions to close: Badenoch is safe, Holborn tips to Labour, and the £72 million stays where it is.

Find Sam on Politics at Sam and Anne's, every weekday morning from Sky News and Politico, and on X @SamCoatesSky.

00:00 Welcome and Reform's £72 million pay day
01:07 Introducing Sam Coates — Sky News deputy political editor
02:22 The two crypto billionaire donors and what they bought
03:59 Why Britain never capped donations — and why Labour wants to now
10:19 Will Reform have to hand the money back?
12:56 Does money actually help? The limits of cash in British politics
15:43 The establishment stitch-up narrative — does it work?
19:27 Farage falters — Reform's troubled conference and Channel 4 expose
21:00 The moonshot challenge — Reform's path from 8 MPs to power
24:51 Enter Andy Burnham — Labour's bloodless coup and the Burnham bounce
27:19 Economic dreamland — can Burnham's vibes survive the budget?
29:59 The Holborn and St Pancras by-election — Labour's left flank test
35:46 Party conference season — what to watch for Labour and the Tories
37:30 Kemi Badenoch's challenge — can the Tories outflank Reform on the economy?
39:47 Predictions — Kemi's future, the by-election, and the £72 million