Reform UK leader Nigel Farage has been reported to Parliament's standards watchdog over allegations he lobbied the Bank of England on cryptocurrency policy that could benefit his biggest donor, Tether investor Christopher Harborne. Labour MP Phil Brickell filed the complaint with Parliamentary Commissioner for Standards Daniel Greenberg, citing a private September 2025 meeting in which Farage reportedly urged Governor Andrew Bailey to abandon plans for a state-run digital pound. The case centers on whether Farage violated parliamentary rules barring MPs from approaching officials on behalf of individuals who have paid them within 12 months of such payment. Farage received an undeclared £5 million ($6.7 million) gift from Harborne prior to standing in the July 2024 general election, while Harborne separately donated £15 million to Reform UK between last August and February. Parliamentary regulations require MPs to maintain independence from financial interests when engaging with government bodies on policy matters.
Labour MP Files Complaint Over September 2025 Bank Meeting
Phil Brickell, who chairs the parliamentary group on anti-corruption and responsible tax, asked the Parliamentary Commissioner to examine Farage's dealings with the central bank. Brickell told the Guardian that "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 added that Farage "has since claimed credit for persuading the Bank to soften its position." A second Labour MP, Joe Powell, wrote to Bailey requesting details of the meeting, stating that "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."
Farage Received £5 Million Undeclared Gift From Tether Investor
Christopher Harborne, a British, Thailand-based billionaire who holds a 12% stake in USDT issuer Tether and sits sixth on the Sunday Times Rich List, gave Farage the £5 million gift prior to the July 2024 general election. At the time, Farage had not announced plans to run as a Member of Parliament, and the gift was undeclared to parliamentary authorities. Harborne also provided two £25,000 political donations to Farage in January 2025 and February 2026 for trips to the U.S. and the Chagos Islands. Reform UK received a further £15 million from Harborne between last August and February. Brickell said the case turns on whether an MP "who has received millions from one individual" should advance policies that could lift the value of that donor's investments.
Bank of England Dropped £20,000 Stablecoin Cap After Farage Criticism
At the September meeting, Farage reportedly urged Governor Andrew Bailey to scrap plans for a central bank digital currency, or "Britcoin," an idea Farage has said he would go to prison to block. Farage later claimed credit for pushing the Bank to soften its approach. Last week, the Bank of England dropped a proposed £20,000 cap on individual stablecoin holdings that Farage had publicly attacked. The Bank of England said the September meeting was part of its routine engagement with political figures and acknowledged that Farage and Bailey held differing views on the digital pound, but it has not released any minutes.
Parliamentary Commissioner Investigates Two Separate Allegations
Daniel Greenberg is separately investigating whether Farage should have declared the £5 million personal gift from Harborne. Farage and Harborne have both said the billionaire wanted nothing in return. Farage's account of the gift has shifted from a contribution to his security, to a reward for his Brexit campaigning, to money he can spend as he likes. He has called it "unconditional" and "a purely private matter." Reform UK dismissed the broader allegations as "utter rubbish," while Labour has accused Farage of dodging scrutiny. Farage has previously styled himself a "champion" for the cryptocurrency space, calling for the UK to establish a Bitcoin strategic reserve and pushing for lower capital gains taxes on digital assets.
FAQ
What did Nigel Farage allegedly lobby the Bank of England about in September 2025?
Farage reportedly urged Governor Andrew Bailey to abandon plans for a state-run digital pound ("Britcoin") during a private meeting. He later claimed credit for persuading the Bank to soften its position, and last week the Bank dropped a proposed £20,000 cap on individual stablecoin holdings that Farage had publicly criticized.
How much money did Christopher Harborne give to Nigel Farage and Reform UK?
Harborne gave Farage an undeclared £5 million ($6.7 million) personal gift prior to the July 2024 general election, plus two £25,000 political donations in January 2025 and February 2026. Separately, Reform UK received £15 million from Harborne between last August and February.
