Nigel Farage has been reported to the parliamentary standards watchdog over allegations that he lobbied the Bank of England to drop a cryptocurrency plan that could be costly for the billionaire bankrolling his party, potentially breaching parliamentary rules. The Reform UK leader used a private meeting with Bank governor Andrew Bailey to urge him to abandon plans for a state-run digital pound, according to reports.
Farage's Opposition to Digital Pound
Speaking at the Zebu Live event in London last October, Farage described the Bank's plans for a digital currency with 'total and utter horror' and recounted his meeting at Threadneedle Street with Bailey. 'I asked him straight: Are you still progressing your plans for a British central bank digital currency? And the answer was: Yes,' Farage said. He told the audience of crypto enthusiasts he would be 'prepared to go to prison' to stop the so-called Britcoin proposal.
Donor Connection
Christopher Harborne, a Thailand-based billionaire, has donated £15 million to Reform UK and an undeclared £5 million gift to Farage personally, as revealed by the Guardian in April. Harborne is a major investor in Tether, a company that stood to gain from weakened stablecoin restrictions and opposition to a state-backed digital currency that could compete with private stablecoins. Farage maintains Harborne wanted nothing in exchange for his donations.
Labour MPs Call for Investigation
Labour MP Phil Brickell, chair of the parliamentary group on anti-corruption and responsible tax, has reported Farage's actions to the standards commissioner, Daniel Greenberg. Brickell said: '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.' He added: '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 donor’s investments.'
Separate Investigation Already Underway
The standards commissioner is already investigating whether Farage should have declared the £5 million gift from Harborne, received months before he returned to parliament. Brickell said this new referral relates to separate parliamentary lobbying rules designed to stop MPs making approaches to public officials on behalf of companies or individuals that pay them.
Bank of England Asked for Details
Another Labour MP, Joe Powell, has written to Bailey requesting details of the meeting with Farage. The Bank has previously refused to release minutes. In his letter, 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.' Powell asked Bailey to reveal what was said and whether any change in the Bank's crypto policy resulted from the intervention.
Timeline of Donations and Meeting
Farage accepted the personal £5 million gift from Harborne just before the July 2024 election and took two lots of £25,000 in political donations for trips to the US 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 governor was in September 2025. The code of conduct states lobbying rules apply for 12 months after the reward or consideration was received.
Responses from Farage and the Bank
A Reform spokesperson previously said: 'This is utter rubbish. Nigel’s only focus is on saving the country.' A Bank spokesperson said the meeting was 'part of the Bank’s engagement with political representatives' and acknowledged Farage's 'differing view' from the governor.
