The Conservative Party has been dealt a major blow as one of their biggest donors has defected to Reform UK. Bassim Haidar, a billionaire tech-tycoon, gifted the Tories more than £700,000 when Rishi Sunak was the party leader. However, he has pledged to donate a higher number to Nigel Farage’s party to “bring this country back to its glory”.

After resigning his Conservative membership earlier this year, Mr Haidar, 54, stated he will give Reform £1 million in a major boost for the party. The businessman has already handed over more than £200,000 ahead of the local elections on May 1. Mr Haidar firmly believes that Mr Farage, the party leader, could become the next prime minister of the UK.

Mr Haidar, a self-made entrepreneur, hopes that his donation will encourage other wealthy individuals to do the same.

Speaking to The Telegraph, he said: “I’ve always been pro-business and I always supported parties that supported businesses. The Conservative Party stopped listening and, for me, I had to go with the party that I believe can actually reset and change the status quo in the UK.”

He believes that "Nigel and Reform are the only ones” who can change the country. “If we want a better future, we have to stop funding the past,” he added.

The final straw for Mr Haidar to defect from the Tories was their pledge to abolish the non-dom tax status, a move completed by Labour. He said this went against everything the party should stand for, which also “defies all logic”.

The billionaire explained how the move would result in a net loss to the Treasury as thousands of wealthy Brits left the country, taking their investments abroad.

Mr Haidar is now preparing his family to do the same, as he plans to leave the UK to avoid both Labour’s non-dom rules and the inheritance tax his children would face if he died.

This has led him to support Reform, as he believes Mr Farage is “listening to the people” and "addressing their concerns”.

“He is talking about immigration in a way that no one has actually spoken about; he is willing to do things that I think the other parties aren’t willing to do,” he told the newspaper.

Mr Haidar added that Reform’s party leader could overhaul the tax system and encourage investment back into Britain.

Speaking on his large investment, he said if funding is an issue for the party, “I don’t think he will have that issue going forward”, stating “I have committed a million pounds for now”.

The entrepreneur was born in Nigeria before moving to the UK in 2010. He has five children, three of which are in school. He initially built his enormous fortune through modernising communications in Nigeria, then expanding into property - in the UK, he has a £100 million property portfolio.

Mr Farage said: “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.

“This is especially true if others follow Bassim’s lead.”