Nigel Farage reported to standards watchdog over ‘crypto lobbying’

The standards watchdog has been urged to investigate whether Nigel Farage lobbied the Bank of England to drop a cryptocurrency plan that could be costly for the billionaire bankrolling his party, potentially in breach of parliamentary rules.

The Reform UK leader has said his party’s major donor, Christopher Harborne, wanted nothing in exchange for the £15m he donated to the party and the undeclared £5m gift to Farage the Guardian revealed in April.

But Farage used a private meeting at the Bank to urge its governor, Andrew Bailey, to drop plans for a state-run alternative to the digital currency that has made Harborne, his Thailand-based benefactor, one of the richest people in the world.

As reported by the Guardian last month, Farage told October’s Zebu Live event in London he regarded the Bank’s plans for a digital pound with “total and utter horror”. He recounted the 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.’”

His opposition to the “Britcoin” proposal was so strong that, after the meeting last September, he told the Zebu audience of crypto enthusiasts he would be “prepared to go to prison” to stop it.

The Labour MP Phil Brickell, chair of the parliamentary group on anti-corruption and responsible tax, has now reported Farage’s actions to the standards commissioner, asking him to look into the Reform leader’s interactions with the Bank of England.

The standards commissioner, Daniel Greenberg, is already investigating whether Farage should have declared the £5m gift from Harborne, which he received in the months before he returned to parliament.

However, Brickell said this was a separate matter relating to the parliamentary lobbying rules, which are designed to stop MPs making approaches to public officials or ministers on behalf of companies or individuals that pay them.

Speaking to the Guardian, 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.

“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.”

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 [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 have both previously said that Harborne asked for nothing in return for the gift. Farage said at first that it was for security, then that it was a reward for Brexit and later that he could spend it however he liked.

At the same time, another Labour MP, Joe Powell, has written to Bailey requesting details of his meeting with Farage. The Bank has previously refused to release any minutes.

In his letter seen by the Guardian, 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 went on: “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.”

Powell asked Bailey to reveal what was said during the meeting with Farage and Tice, and whether any change in the Bank’s crypto policy has resulted from their intervention.

“Given the significance of these issues,” Powell wrote, “transparency is essential to maintaining public confidence in both our political system and financial institutions”.

He has yet to receive a reply.

The code of conduct states that lobbying rules apply for 12 months after the reward or consideration was received. Farage accepted the personal £5m gift from Harborne just before the July 2024 election and took two lots of £25,000 in political donations from him for trips to the US and the Chagos Islands in January 2025 and February 2026 respectively.

Reform UK accepted £15m in donations from Harborne between August 2025 and February 2026. Farage’s meeting with the Bank of England governor was in September 2025.

During previous reporting a Reform spokesperson said: “This is utter rubbish. Nigel’s only focus is on saving the country.”

At the time, a Bank spokesperson said Farage’s meeting with Bailey was “part of the Bank’s engagement with political representatives” and acknowledged his “differing view” from the governor.