A parliamentary complaint has been filed against Reform UK leader Nigel Farage, alleging that his lobbying efforts on cryptocurrency policy before the Bank of England may have benefited his largest donor’s financial interests. Labour MP Phil Brickell has requested that the parliamentary standards commissioner, Daniel Greenberg, conduct a formal inquiry into Farage’s conduct and its implications.
September 2025 meeting under scrutiny
Brickell cited parliament’s strict rules, which prohibit MPs from approaching ministers or public officials on behalf of individuals who have provided them with payments for a period of twelve months. According to the allegations, Farage urged Bank of England Governor Andrew Bailey during a private meeting in September 2025 to abandon plans for a government-backed digital pound.
Phil Brickell highlighted that, prior to his meeting with Bailey, Farage had openly supported Tether, criticized proposed restrictions on stablecoins, and announced his opposition to the central bank’s policy stance.
Following these interventions, Farage was said to have played a role in softening the Bank’s approach. Last week, the central bank dropped its proposed £20,000 cap on individual stablecoin holdings, a limitation that Farage had publicly opposed.
Mini glossary: The digital pound refers to a central bank-issued digital currency. A stablecoin is a type of cryptoasset whose value is generally pegged to a traditional asset such as the dollar or pound.
Donations and Tether links fuel controversy
Central to the case is British billionaire Christopher Harborne, a Thailand-based investor who owns a 12% stake in Tether, the company behind the USDT stablecoin. Harborne holds the sixth position in The Sunday Times Rich List, with his wealth estimated at £18.2 billion.
Reports indicate that Farage received a previously undisclosed personal gift of £5 million from Harborne ahead of the July 2024 general election. Between last August and this February, Reform UK also accepted £15 million in donations from Harborne. In addition, Farage accepted two £25,000 political travel grants for trips to the US and Chagos Islands in January 2025 and February 2026.
| Type | Amount | Details |
|---|---|---|
| Personal gift | £5 million | Undeclared payment reportedly given to Farage |
| Party donation | £15 million | Total amount given to Reform UK between August and February |
| Travel donations | 2 x £25,000 | For visits to the US and Chagos Islands |
Bank of England keeps meeting details private
Labour MP Joe Powell sent a letter to Andrew Bailey requesting full disclosure about the meeting in question. Powell underscored the principle that decisions affecting the UK’s financial system must serve the public interest and rely on independent assessment, not privileged access for particular investors behind closed doors.
Nigel Farage stated that the £5 million payment was unconditional, adding that he could spend it on luxury cars if he chose, framing the matter as entirely private.
The Bank of England described the September meeting as part of its routine discussions with political figures. The institution acknowledged that Farage and Bailey disagreed on the digital pound, but has not published any official record of the meeting.
Daniel Greenberg is also reportedly reviewing whether Farage should have declared the £5 million personal gift as a separate matter. Both Farage and Harborne maintain there were no expectations attached to the donations. Reform UK has categorically rejected all accusations related to the affair.
