Key facts
- Nigel Farage told Reform UK insiders he would need "a million a year" to compensate for lost earnings if he stood as an MP in the 2024 general election.
- These discussions occurred in March 2024, shortly before he received a £5 million gift from crypto billionaire Christopher Harborne.
- Farage indicated he could not afford to give up his lucrative GB News role, which paid over £1 million annually, to pursue a political career.
- Sources claim security costs were not mentioned in discussions about replacing lost income.
- The parliamentary watchdog has paused its investigation into the £5 million gift's declaration during Farage's byelection campaign.
Nigel Farage indicated to senior figures within Reform UK that he would require an annual compensation of "a million a year" to offset lost earnings should he decide to run for parliament in the 2024 general election. Sources speaking to The Guardian revealed that this discussion occurred in March 2024, preceding a £5 million gift from crypto billionaire Christopher Harborne on April 5.
At the time of these conversations, Farage reportedly believed he would have to relinquish his lucrative GB News presenting role, which was then paying him over £1 million annually. He expressed concern about the financial strain of standing for election, stating he could not "put himself through the wringer" and "end up skint," while also noting he was finally being "properly paid" after years.
Farage has provided multiple justifications for accepting the £5 million, including personal security and as a reward for his Brexit campaigning. He has also asserted that the gift was personal and that he was not involved in politics at the time of its receipt. The parliamentary watchdog has temporarily halted its inquiry into whether the gift should have been declared during Farage's byelection campaign in Clacton, with the investigation to resume after the election concludes.
Details emerging about Farage's conversations in the lead-up to the election have reportedly undermined his explanations. At the time of the March 2024 discussions, Farage held the positions of Reform UK's honorary president and majority shareholder, actively campaigning for the party. Sources indicated that Farage argued leading the party and standing for election would cost him £5 million in total, with no mention of security expenses in the context of replacing lost earnings.
According to the register of members’ financial interests, Farage received approximately £98,000 per month from GB News in 2024, a figure he stated included VAT payments to his media company. He has also highlighted his successful broadcasting and influencer career with a large social media following.
Farage's office did not dispute the reported remarks, issuing a statement suggesting that any answer given would not be accurately reflected. Lawyers for Christopher Harborne reiterated previous statements that the gift was unconditional and made without expectation of return, with Harborne not anticipating Farage's return to politics. Both parties have previously stated the gift was for security purposes, though Farage also described it as a "reward" for Brexit campaigning.
Further scrutiny has arisen regarding the timing of the £5 million payment, with financial industry sources indicating that some funds were not received until late May 2024, shortly before Farage announced his candidacy on June 3. Neither Farage nor Harborne's lawyers provided detailed responses regarding the payment schedule. Since becoming an MP, Farage has continued his GB News role, though with reduced hours, and his earnings from the channel appear to have decreased.