Key facts
- Nigel Farage is being investigated by the UK's Parliamentary Commissioner for Standards for potentially breaching parliamentary rules.
- The investigation concerns allegations that Farage lobbied the Bank of England on cryptocurrency policy to benefit his major donor, Christopher Harborne.
- Farage reportedly met with Bank of England Governor Andrew Bailey in September 2025 to discuss plans for a digital pound.
- Christopher Harborne, a billionaire investor in Tether, has given Farage £5 million and Reform UK £15 million.
- Labour MPs Phil Brickell and Joe Powell have raised concerns and requested investigations into Farage's actions and the meeting.
Nigel Farage is facing an investigation by the UK's Parliamentary Commissioner for Standards over allegations that he breached parliamentary rules by lobbying the Bank of England. The complaint, lodged by Labour MP Phil Brickell, centers on a private meeting in September 2025 where Farage reportedly urged Governor Andrew Bailey to abandon plans for a state-run digital currency, often referred to as 'Britcoin'.
This lobbying effort is alleged to have occurred in a manner that could benefit Farage's largest donor, Christopher Harborne, a British billionaire based in Thailand who holds a significant stake in Tether, a major stablecoin issuer. Harborne has provided Farage with an undeclared £5 million gift and a further £15 million in donations to Reform UK. Brickell argues that Farage, who has publicly championed cryptocurrency and criticized proposed restrictions on stablecoins, may have used his position to advance policies favorable to his donor's investments.
Farage has previously claimed credit for influencing the Bank of England to soften its stance on stablecoins, specifically mentioning a proposed £20,000 cap on individual holdings that he had publicly attacked. Another Labour MP, Joe Powell, has also written to Governor Bailey seeking details of the meeting, emphasizing the importance of financial system decisions being made in the public interest rather than behind closed doors for individual financiers.
The Parliamentary Commissioner for Standards, Daniel Greenberg, is already conducting a separate investigation into whether Farage properly declared the £5 million personal gift from Harborne. Farage and Harborne have maintained that the gift was unconditional and a private matter, with Reform UK dismissing the allegations as baseless. Farage has also been a vocal proponent of the cryptocurrency space, advocating for a UK Bitcoin strategic reserve and lower capital gains taxes on digital assets.