Nigel Farage handed electoral war-chest boon as Tory donor defects to Reform and pledges £1m to help 'restore UK's glory'

He told The Telegraph the Conservative Party had "lost its way" and was no longer listening to business concerns.

The donation is likely to be the largest single contribution to any party during the local election campaign, with more than £200,000 already given to Reform UK.

Haidar lost patience with the Conservatives over their manifesto pledge to abolish non-dom tax status, which he said mirrored Labour's plans.

He argued this policy went against everything the party should stand for, saying: "I've always been pro-business and I always supported parties that supported businesses. The Conservative Party stopped listening."

"For me, I had to go with the party that I believe can actually reset and change the status quo in the UK."

He added: "When a party changes from facts to ideology, they have lost their way. And if they have to do whatever it takes to win an election, which means going against their own principles, they have also lost their way."

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Haidar expressed strong confidence that Nigel Farage could become the next prime minister, saying: "Very convinced. He has all the cards in his hands today, he is leading in the polls and people believe in him."

The billionaire praised Farage for "speaking from the heart" and addressing concerns others wouldn't tackle.

He continued: "Nigel has all it takes, and if funding is an issue, I don't think he will have that issue going forward."

Haidar's donation is intended to help Farage "bring this country back to its glory".

Haidar has already given Reform UK more than £200,000 ahead of next week's local elections, with the rest of his £1million commitment to follow.

"I have committed a million pounds for now," he confirmed, noting that "at least 20-30 per cent of that" had already been paid.

The timing of future payments would depend on "what the party needs", he explained.

Haidar believes his support will encourage other wealthy individuals to donate to Reform UK.

"I have a few friends that are seriously, seriously considering it," he revealed, adding that Farage's recent statements "have resonated with them".

Born in Nigeria to Lebanese parents, Haidar, 54, moved to the UK in 2010 and has three children at school here, plus two grown-up children.

He is now preparing to leave the country because of Labour's non-dom rules and potential inheritance tax implications for his family.

Haidar argued that Labour's approach to non-doms "defies all logic" as it would result in a net loss to the Treasury.

He claimed 11,000 wealth creators would leave Britain, citing his own luxury London apartment building where "four wealthy families left on March 31" because "they can't stay here any more".

Farage welcomed the substantial donation, saying: "Reform has achieved a huge amount on a small budget so far.

"With a donation like this, we can rapidly build out our team and professionalise further as we head towards the next general election."

He added this would be "especially true if others follow Bassim's lead".

Haidar, who has business interests including a £100million UK property portfolio, said there was "absolutely nothing in it for me" beyond his belief that Farage could transform Britain.

He hopes to eventually return to the UK under what he envisions as a business-friendly Farage government.