Investigation Requested into Nigel Farage's Cryptocurrency Lobbying
The standards watchdog has been called upon to investigate whether Nigel Farage lobbied the Bank of England to abandon a cryptocurrency initiative that could negatively impact the billionaire financier supporting his party, potentially violating parliamentary regulations.
Farage, leader of Reform UK, has stated that his party’s principal donor, Christopher Harborne, did not seek any favors in return for the £15 million donated to the party and the undisclosed £5 million gift given to Farage, as reported by .
However, Farage reportedly used a private meeting at the Bank of England to urge Governor Andrew Bailey to halt plans for a government-backed digital currency, a move that could affect Harborne’s substantial crypto holdings. Harborne is one of the wealthiest individuals globally due to his investments in this sector.
At the October Zebu Live event in London, Farage expressed his strong opposition to the Bank’s digital pound proposal, describing it with
“total and utter horror.”He recounted his meeting at Threadneedle Street with Bailey, stating,
“I asked him straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes.’”
Farage’s resistance to the so-called “Britcoin” was so intense that, following the September meeting, he told the Zebu audience he would be
“prepared to go to prison”to prevent its implementation.
Parliamentary Concerns and Standards Commissioner Involvement
Labour MP Phil Brickell, chair of the parliamentary group on anti-corruption and responsible tax, has formally reported Farage’s conduct to the parliamentary standards commissioner, requesting an investigation into his interactions with the Bank of England.
The standards commissioner, Daniel Greenberg, is already examining whether Farage should have declared the £5 million gift from Harborne, which he received shortly before returning to parliament.
Brickell clarified that his complaint concerns a separate issue related to parliamentary lobbying rules, which prohibit MPs from lobbying public officials or ministers on behalf of individuals or companies that provide them with financial benefits.
Speaking to , Brickell stated:
“Farage took a £5m gift from Christopher Harborne – we know that. We also know that he has since used his platform, both publicly and privately, to advance positions that could benefit Mr Harborne’s crypto interests.
“Before meeting the governor of the Bank of England, Farage openly championed Tether, criticised proposed restrictions on stablecoins and vowed to challenge the Bank’s approach. He has since claimed credit for persuading the Bank to soften its position.”
“This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that [Reform] donor’s investments. Mr Harborne is a major investor in Tether, a company that stood to gain from the weakening of stablecoin restrictions. Harborne also stood to benefit from opposition to a state-backed digital currency that could compete with private stablecoins.
“The public will rightly ask whether these events are pure coincidence or a case of political influence being exercised on behalf of a billionaire backer. That’s why I’ve asked the standards commissioner to investigate and establish the facts.”
Farage and Harborne’s Statements and Further Parliamentary Actions
Both Farage and Harborne have previously maintained that the donation was made without any conditions. Farage initially described the gift as a loan, later as a donation, and subsequently stated he could use it freely.
Meanwhile, Labour MP Joe Powell has written to Governor Bailey requesting disclosure of details regarding his meeting with Farage. The Bank of England has previously declined to release minutes of this meeting.
In his letter, seen by , Powell wrote:
“There is significant public interest in the meeting between yourself and Mr Farage, as the policy he was lobbying you on would directly benefit Christopher Harborne.”
“These allegations are incredibly concerning. If accurate, they raise serious questions about transparency, democracy and the influence of major donors over UK financial policy.
“Decisions relating to the UK’s financial system, including those involving bank digital currencies, must be made in the public interest and on the basis of rigorous, independent assessment, not shaped behind closed doors to benefit individual financiers.”
“Given the significance of these issues,” Powell wrote, “transparency is essential to maintaining public confidence in both our political system and financial institutions.”
Lobbying Rules and Timeline of Donations
The parliamentary code of conduct specifies that lobbying rules apply for 12 months following receipt of any reward or consideration. Farage accepted the personal £5 million gift from Harborne shortly before the July 2024 election and received two political donations of £25,000 each from Harborne for trips to the United States and the Chagos Islands in January 2025 and February 2026, respectively.
Reform UK accepted £15 million in donations from Harborne between August 2025 and February 2026. Farage’s meeting with the Bank of England governor took place in September 2025.
Responses from Reform UK and the Bank of England
During the inquiry, a Reform UK spokesperson dismissed the allegations, stating:
“This is utter rubbish. Nigel’s only focus is on saving the country.”
At the time of the meeting, a Bank of England spokesperson described Farage’s engagement with Governor Bailey as
“part of the Bank’s engagement with political representatives”and acknowledged that Farage held a
“differing view”from the governor.
