(4 weeks, 2 days ago)
Commons ChamberThe hon. Lady is asking me to consider my job description, but given the sensitivity at the moment, I do not think I will go there.
I hear what the hon. Lady has said about caps. I think that there is a role for political donations in our system: it leads to a thriving and healthy democracy that is funded properly and fairly. The Government’s aim was to legislate through the Representation of the People Bill, but in order to be absolutely sure that we had not left any loopholes, the Secretary of State took the decision to commission Philip Rycroft’s review. He did identify loopholes, we have accepted their existence, and we will be working to close them next week. This is an ongoing issue, and we do indeed work across the Government. I have explained about the defending democracy taskforce, and it is a busy and hectic arena, but I try to keep abreast of my entire portfolio.
I commend my hon. Friend for the work that she has done, and for accepting the recommendations of the Rycroft review. Can she clarify whether consideration was given to an outright ban on crypto donations, as opposed to a moratorium? Given the reports in the press, can she also tell us what additional steps will be taken to strengthen legal duties in the Representation of the People Bill, and impose restrictions on major online social platforms that are spreading hate and disinformation and interfering during our election periods?
The Government’s view is that the anonymity inherent in cryptocurrency transactions creates a route for foreign or illegal actors to channel money through our politics, so we are introducing a moratorium on the use of cryptocurrencies to safeguard the integrity of our political finance system. We intend for to moratorium to end once the regulatory environment around cryptocurrencies is robust enough to protect that integrity. Further legislation would be required at that point, and until we get there, the moratorium will stand. I am quite happy to write to my hon. Friend on her other points.