Key facts
- Nigel Farage is being investigated by the standards watchdog for alleged lobbying.
- The investigation concerns Farage's meeting with Bank of England Governor Andrew Bailey regarding a digital pound proposal.
- Farage's major donor, Christopher Harborne, has significant cryptocurrency investments that could be impacted by the Bank's plans.
- Labour MPs Phil Brickell and Joe Powell have raised concerns and requested investigations into Farage's actions and the meeting.
- The core issue is whether Farage used his position to benefit a donor's financial interests.
The UK's standards watchdog has been urged to investigate Nigel Farage for potentially breaching parliamentary rules by lobbying the Bank of England. The Reform UK leader met with Governor Andrew Bailey in September 2025 to discuss the Bank's plans for a central bank digital currency, a proposal that could negatively impact the cryptocurrency interests of Farage's major donor, Christopher Harborne.
Harborne, who has donated £5 million personally to Farage and £15 million to Reform UK, is a significant investor in Tether, a stablecoin company. Labour MP Phil Brickell has reported Farage to the standards commissioner, arguing that Farage used his platform, both publicly and privately, to advance positions that could benefit Harborne's investments, particularly concerning potential restrictions on stablecoins and the development of a state-backed digital currency.
Farage has previously expressed strong opposition to the 'Britcoin' proposal, even stating he would be "prepared to go to prison" to stop it. Brickell contends that Farage's actions raise questions about whether political influence is being exercised on behalf of a billionaire backer, rather than in the public interest. The standards commissioner, Daniel Greenberg, is already investigating a separate matter regarding Farage's declaration of the £5 million gift from Harborne.
Another Labour MP, Joe Powell, has written to Governor Bailey requesting details of his meeting with Farage, emphasizing the public interest in policies that directly benefit individual financiers. Powell seeks transparency on what was discussed and whether the Bank's crypto policy has been influenced by the meeting. The Bank of England has previously stated that the meeting was part of its engagement with political representatives.