An application was made to the parliamentary standards auditor about Reform UK leader Nigel Farage, claiming that he was making initiatives regarding cryptocurrency policies at the Bank of England and that these initiatives could benefit the investments of his biggest donor. Labor MP Phil Brickell, who made the application, wanted the review to be carried out by Parliamentary Standards Commissioner Daniel Greenberg.
The focus of the complaint is the September 2025 meeting.
Brickell pointed to rules banning MPs from contacting ministers or public officials on behalf of people who pay them for 12 months after payment. Allegedly, Farage advocated abandoning the state-backed digital pound plan in a private meeting with Bank of England Governor Andrew Bailey in September 2025.
Phil Brickell said that before meeting Andrew Bailey, Farage publicly supported Tether, criticized planned restrictions on stablecoins and announced that he would oppose the Central Bank’s approach.
It was reported that Farage later claimed that the Central Bank was effective in softening its stance. Last week the bank backed away from a proposed £20,000 cap on individuals’ stablecoin holdings. Farage has previously publicly opposed this limitation.
Mini dictionary: Digital pound refers to the idea of a central bank-issued digital currency. Stablecoin, on the other hand, is a type of crypto asset whose value is generally tried to be fixed to a traditional asset such as dollar or sterling.
Donations and Tether connection escalated the debate
The name at the center of the file was Christopher Harborne. British billionaire Harborne, who lives in Thailand, owns a 12 percent share in USDT issuer Tether. Harborne’s fortune, ranked sixth on the Sunday Times Rich List, is estimated at £18.2 billion.
It was stated that Farage received an undeclared personal gift of £5 million from Harborne ahead of the July 2024 general election. Reform UK also received £15 million in donations from Harborne between last August and February this year. In addition, it was noted that Farage accepted two more political donations of 25 thousand pounds each in January 2025 and February 2026 for his trips to the USA and the Chagos Islands.
| Pen | Amount | Detail |
|---|---|---|
| personal gift | £5 million | Undeclared payment reportedly given to Farage |
| party donation | £15 million | Total amount transferred to Reform UK between August and February |
| travel donations | 25 thousand pounds twice | For visits to the USA and the Chagos Islands |
The Central Bank did not publish the minutes of the meeting.
Labor Party MP Joe Powell also sent a letter to Andrew Bailey, requesting details of the meeting. Powell stressed that decisions about the UK financial system should be made in the public interest and on the basis of independent assessment, not behind closed doors in the interests of particular investors.
While Nigel Farage argued that the £5 million payment was unconditional, he said that he could spend this money on luxury cars if he wanted, and that this was a private matter.
The Bank of England announced that the contact in September was one of the routine meetings held with political figures. The institution acknowledged that Farage and Bailey had different views on the digital pound, but did not share the minutes of the meeting.
Daniel Greenberg is also reportedly examining whether Farage should declare a £5 million personal gift in a separate process. Farage and Harborne argued that there was no expectation in return for the donation. Reform UK completely denied the accusations.
