Nigel Farage has warned the political system is at risk of collapse if Labour blocks two £36million donations to Reform UK.
Mr Farage, who described the donations as “100 per cent compliant with the law today”, welcomed two cash injections from Ben Delo and Christopher Harborne.
However, Labour has waged a donations war on Reform UK and opened the door to stopping the party from pocketing the cash.
Speaking to the BBC, Mr Farage said: “There is talk of them retrospectively declaring the donations illegal.
“Well, that simply cannot be. If a Government was allowed to do this, you know what would happen?
“There’d be a response the other way. We, or the Conservatives, would say, right, if you’re going to stop legimitate donors like this, we will then say to the trade unions, you can’t give money.
“And if you do that, you have collapsed the whole political system.”
Mr Farage insisted the donations from the two cryptocurrency billionaires remain legal under current laws.
However, the Reform UK leader was unable to confirm whether they would be if Labour opts to push ahead with sweeping changes to rules around donations.
Ministers are seeking to put a £100,000 annual cap on donations from British expats, backdated to March 25, 2026.
The legislation, known as the Representation of the People Bill, is currently being debated in the House of Lords.
Mr Delo and Mr Harborne, who are both British nationals, lived abroad until very recently.
However, it is not yet clear if the two men returned to the UK before the March 25 deadline.
Meanwhile, Labour has received almost £43million from trade unions since Sir Keir Starmer became leader in 2020.
Mr Farage argued trade unions give money to Labour to enact policies and accused the Tory donors of giving over cash in order to get “knighthoods and peerages”.
The Reform UK leader insisted that donors would not receive peerages or central contracts if the party wins the next general election.
Mr Farage spoke out just minutes after Angela Rayner addressed delegates at the Trade Union Congress.
The Housing Secretary said: “Nigel Farage’s sugar daddies made their money in crypto, but there’s nothing cryptic about their motives.
“They know full well that a Reform Government will act in their interests, not the public interest.
“Now, when these Reform donors say they want nothing, they mean it: no workers’ rights, no renters’ rights, no social protections, no safety net, no regulation, nothing to stand in their way.”
“How dare they try to compare money from a couple of crypto billionaires to union members’ subscriptions – the most highly regulated political funding we can have.
“It couldn’t be more different from a couple of offshore billionaires trying to buy our democracy.”
However, Reform UK is expected to unveil even more cash injections after the donations row engulfed Westminster.
“There’s more coming,” a senior insider told GB News.