Nigel Farage, leader of Reform UK, has been reported to the UK Parliament's standards watchdog over allegations that he lobbied the Bank of England on cryptocurrency policy in ways that could benefit a key political donor. Labour MP Phil Brickell asked Parliamentary Commissioner for Standards Daniel Greenberg to investigate whether Farage breached rules barring MPs from lobbying public officials on behalf of individuals who have paid them within the previous 12 months.
The complaint focuses on a private meeting between Farage and Bank of England Governor Andrew Bailey in September 2025. According to The Guardian, Farage urged the central bank to abandon plans for a digital pound ("Britcoin") and criticized proposed limits on stablecoin holdings. Shortly after, Farage publicly claimed he had influenced the Bank's thinking. Last week, the Bank dropped a proposed £20,000 cap on individual stablecoin holdings, a restriction Farage had repeatedly attacked.
Labour MP seeks transparency on Bank meeting
Labour MP Joe Powell separately wrote to Bailey requesting details of the meeting, arguing that decisions on the UK's financial system should be made independently. The Bank of England said the meeting was part of routine engagement with political figures, but has not released minutes. The central bank acknowledged differing views between Bailey and Farage on the digital pound.
Harborne donations under separate scrutiny
Brickell argued the case goes beyond crypto policy, raising questions about MPs promoting policies that could boost a donor's investments. Christopher Harborne, a British businessman based in Thailand, holds a 12% stake in Tether, the company behind USDT stablecoin, and ranks sixth on the Sunday Times Rich List. According to The Guardian, Farage accepted an undeclared £5 million ($6.7 million) gift from Harborne before the July 2024 general election. Because Farage had not yet announced his candidacy, the payment was not declared at the time. Two subsequent £25,000 donations in January 2025 and February 2026 funded trips to the US and Chagos Islands. Reform UK also received £15 million ($20.1 million) from Harborne. Greenberg is already investigating whether the earlier £5 million gift should have been declared.
Farage and Harborne have both said the billionaire expected nothing in return. Reform UK dismissed the allegations as "utter rubbish." Farage has long supported digital assets, previously calling for a strategic Bitcoin reserve and lower crypto capital gains taxes.