Paul Nowak column: ‘It’s time to break big money’s grip on our politics’

Earlier this week I was in Berlin talking to German unions about our shared effort to tackle the rise of the popular and far right, and tomorrow I’ll join tens of thousands of people marching under the banner of Together. Our message will be ‘when working people stick together, we win together’.

It’s also why last week the TUC launched Unity Works – a major new initiative to bring workers and communities together around a more positive vision for the economy.

It will campaign for fair pay, decent rights, strong public services and fair taxes. But it will also take on something just as urgent – cleaning up our politics.

That starts with following the money.

If we want to protect workers rights and our democracy from big money, banning crypto donations is a good start.@nowak_paul pic.twitter.com/b4E053zWIz

— Trades Union Congress (@The_TUC) March 26, 2026

The government was right this week to ban cryptocurrency donations. Unlike traditional funding crypto makes it far harder to trace where money comes from – or whose interests it serves.

It opens the door to hidden influence – including from overseas – with little transparency or accountability.

READ MORE: ‘Bots, crypto and dark money – countering the modern agents provocateurs’

That risk is not theoretical. Reform has already accepted cryptocurrency donations, following the lead of Donald Trump who has embraced crypto funding and even launched his own digital currency.

This is a recipe for murkiness and mistrust – denying the public a clear view of who is bankrolling political power.

But crypto is only part of a much bigger problem.

Become a friend of LabourList and join our community. Our friends support our vital non-factional work and get access to exclusive content and events. 

Our political system is increasingly shaped by extreme wealth. A small number of individuals are amassing outsized influence over decisions that affect millions – without any meaningful democratic consent.

We can see it in the growing flood of big-money donations. Last year, Reform received a record £12 million from Thailand-based crypto investor Christopher Harborne – the largest donation ever made to a UK political party by a living individual.

Harborne also handed £1 million to Boris Johnson’s private office – part of a wider pattern in which wealthy backers prop up political figures long after the public has paid the price for their failures.

This concentration of power extends far beyond party funding.

Much of our media is controlled by a handful of billionaires shaping the news through the lens of their own interests.

Meanwhile online, giant platforms owned by figures such as Elon Musk have become engines of division – amplifying misinformation and abuse because it drives engagement and profit.

Taken together this growing dominance of wealth – in politics, media and tech – is corrosive to democracy.

If we are serious about rebuilding trust in our political institutions transparency must come first.

The ban on crypto donations is a step in the right direction but it cannot be the last.

We also need to curb the influence of big money in politics, break up media monopolies and properly regulate social media platforms.

These are not fringe demands – they are popular with the public.

Polling published by the TUC shows that three-quarters of people think large donors to political parties have too much influence over UK politics – with just one percent believing they have too little.

And two-thirds think multinational companies have too much influence over UK politics – with just two percent believing they have too little.

Restoring faith in democracy means confronting entrenched power – not quietly cashing its cheques.

Subscribe here to our daily newsletter roundup of Labour news, analysis and comment– and follow us on TikTok, Bluesky, WhatsApp, X and Facebook. You can also write to our editor to share your thoughts on our stories and share your own. The best letters are published every Sunday.

• • SHARE: If you have anything to share that we should be looking into or publishing about this story – or any other topic involving Labour– contact us (strictly anonymously if you wish) at [email protected].
  • SUBSCRIBE: Sign up to LabourList’s morning email here for the best briefing on everything Labour, every weekday morning.
  • BECOME A FRIEND: If you enjoyed this, why not consider becoming a Friend of LabourList? Help sustain our journalism, and of course Friends do get benefits… 
  • PARTNER: If you or your organisation might be interested in partnering with us on sponsored events or projects, email [email protected].
  • ADVERTISE: If your organisation would like to advertise or run sponsored pieces on LabourList‘s daily newsletter or website, contact our exclusive ad partners Total Politics at [email protected].