Trade Unions: Finance
The question
To ask the Secretary of State for Business and Trade, with reference to the Government’s initial response to the Rycroft Review, whether trade unions’ political funds will be able to accept payments via cryptocurrencies.
Answered by Kate Dearden
The Government has accepted the recommendation of the independent Rycroft Review for a moratorium on the use of crypto assets as political donations to safeguard the integrity of our political finance system from foreign interference.
Payments into trade union political funds are administered by trade unions in accordance with their own rules and are subject to separate statutory requirements under the Trade Union and Labour Relations (Consolidation) Act 1992. Donations to political parties and other regulated recipients from a trade union via their political fund, are regulated in the same way as other political donations.
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