Could billionaire donations trigger a shake-up of UK political funding rules

Rumours that Elon Musk considered a huge political donation have raised questions about transparency in British politics.

Transcript

00:00The fact that there are those with lots of money who are willing to donate to political parties to buy influence is hardly new.

00:08It's been going on since we elected officials, or elected people, and of course running election campaigns is hugely expensive.

00:16Certainly in America, we're talking billions of dollars to become president,

00:20so the extra $300 million that Elon Musk put in would have been extremely welcomed by the Republicans,

00:28and Donald Trump in particular, hence the fact that we see Elon Musk, who of course has no mandate, he's been elected by nobody.

00:37He was the richest man in the world, but of course his stock is tumbling as a consequence of his connection with Trump,

00:45and particularly in terms of Tesla.

00:47But hey, it is dangerous insofar as we have these people who have their own particular agendas,

00:54we're not quite sure where Musk is, and indeed we've seen him dabbling with politics in this country,

01:01whether it be the Conservative Party or reform, certainly not Labour.

01:05It creates a dangerous problem, because of course, what do they want to get out of it?

01:11And indeed, Elon Musk, who of course is a South African, he's not even an American,

01:17these people can effectively buy elections for the people that they choose to lend their support to,

01:24for reasons, as I say, which are not always apparent at the outset.

01:28Large political donations, whether from wealthy individuals or influential organisations,

01:33can unintentionally give disproportionate influence over political decisions.

01:39The real risk is a perception, or reality, that significant donors can sway parties

01:45to prioritise their interests over public concerns, undermining democratic trust.

01:51Indeed, the whole financing of politics has become even more problematic,

01:56and we're going to be coming into an election in, to be fair, four years' time,

02:01and of course it takes a lot of dosh, because that's what it comes down to, to fight those elections.

02:06Where you get it from, well, as I say, in a perfect world, we wouldn't have the question mark,

02:12but until the political parties decide that they're going to abandon that principle, to outlaw it,

02:17then I think it will continue.

02:19So, an imperfect system, but until something better is invented,

02:23which of course is squeaky-proof, or is beyond reproach,

02:27then, as I say, we're going to always have these questions.