Reform UK leader Nigel Farage has been formally reported to the UK parliamentary standards commissioner over allegations he used his political position to lobby the Bank of England on behalf of a billionaire cryptocurrency backer. Labour MP Phil Brickell submitted the formal watchdog complaint, urging an immediate investigation into whether Farage breached parliamentary ethics rules governing conflicts of interest.
The scrutiny centers on a private September 2025 meeting between Farage and Bank of England governor Andrew Bailey. During that discussion, Farage reportedly pressured the central bank to abandon its plans for a state-backed digital currency, known colloquially as “Britcoin.” That state project would directly compete with private stablecoin investments held by Farage’s primary financial donor.
The donor in question is Christopher Harborne, a Thailand-based cryptocurrency billionaire and a major investor in the digital stablecoin Tether. Harborne provided Farage with a personal, initially undeclared £5 million gift shortly before the July 2024 general election. Following that direct payment, Harborne proceeded to donate an additional £15 million to the Reform UK party between August 2025 and February 2026.
Farage and Reform UK maintain that Harborne expected nothing in return for the financial backing. Farage has previously offered varying public explanations for the initial £5 million payment, characterizing it at times as a fund for his personal security or a reward for his political work on Brexit. He is already facing a separate, ongoing investigation by the parliamentary standards commissioner regarding his failure to declare that specific gift on time.
The push for accountability has rapidly expanded beyond the ethics commissioner. Labour MP Joe Powell escalated the matter by writing directly to Bailey this week, requesting the immediate release of the official minutes from the September 2025 meeting. Powell argued that UK financial policy cannot be shaped behind closed doors to benefit individual financiers.
Farage has made no secret of his fierce opposition to the central bank’s digital currency project. Speaking to an audience of cryptocurrency enthusiasts prior to the watchdog complaint, Farage stated he regarded the Bank of England’s plan with “total and utter horror.”