Labour has called for a financial watchdog probe into Nigel Farage after reports he lobbied the Bank of England over cryptocurrency policy, alleging the Reform UK leader may have acted to “line the pockets” of a major party donor.
Farage's Meeting with Bank of England Governor
Mr Farage urged governor Andrew Bailey in a private meeting last September to scrap plans for a state-run digital currency which could dent crypto-entrepreneur Christopher Harborne’s profits, The Guardian reported.
The Reform leader has insisted his £5 million gift from the Thailand-based billionaire, which he failed to declare after becoming an MP in 2024 and is being investigated by parliamentary authorities, was given on an unconditional basis.
But Mr Farage’s opposition to “Britcoin” proposals appear to be aligned with that of Tether, the stablecoin-issuing firm in which Mr Harborne is a shareholder, according to the newspaper.
Labour's Demand for Investigation
Labour Party chairwoman Anna Turley said she would ask the Financial Conduct Authority to investigate.
She said: “Nigel Farage must urgently come clean with the public as to what he’s been up to here. First, he pocketed a £5 million ‘gift’ and hid it from the public, now it looks like he could be lobbying to help line the pockets of his billionaire Thai-based crypto backer.
“The stench of this scandal grows by the day. Farage can’t keep dodging scrutiny.
“Parliament’s Standards Commissioner is already looking into the secret £5m ‘gift’ but I will be writing to the Financial Conduct Authority to ask them to investigate this alarming development.
“It’s clear that Farage and Reform are not on the side of working people, they’re just in it for themselves.”
Farage's Public Stance on Digital Currency
Mr Farage told a Zebu Live crypto summit in London last October that he regarded the central bank’s digital currency plans with “total and utter horror” and that he would be “prepared to go to prison” to stop it, video of the event shows.
The Guardian reported the industry body representing Tether, the Digital Currencies Governance Group, said in a 2021 submission to the Bank that its proposal could cut demand for stablecoins issued by companies such as Tether.
Responses from Reform and Bank of England
A Reform spokesperson said: “This is utter rubbish. Nigel’s only focus is on saving the country.”
A Bank of England spokesperson said: “As has been previously confirmed, the governor met with Mr Farage and Mr Tice last year as part of the Bank’s engagement with political representatives.
“Mr Farage’s views on these topics and his differing view to the governor have also been widely reported.
“The Bank’s work on rules for systemic stablecoins and retail central bank digital currency has been conducted transparently, including several discussion papers and consultation documents, as well as regular updates through speeches.
“The feedback to these publications from industry, academia, and the public has helped to shape the Bank’s thinking on these topics.
“We will be publishing our draft rules for systemic stablecoins by the end of the month and we will finalise them by year-end.”
