REFORM UK leader Nigel Farage has been reported to a standards watchdog over claims he lobbied the Bank of England on crypto policy that could benefit his biggest donor.
Farage has faced questions about an undeclared £5 million gift he received from Thai-based billionaire Christopher Harborne, who is also Reform’s biggest donor, along with a further £15m donated to the party by the crypto businessman.
The Clacton MP previously claimed that Harborne wanted nothing in exchange for the donations.
However, it has emerged that Farage used a private meeting at the Bank of England to urge Andrew Bailey, its governor, to scrap plans to develop an alternative state-run version of the digital currency that has made Harborne one of the richest people in the world.
In the meeting last September, Farage urged Bailey to drop plans for a state-run “Britcoin,” which he later described as being in “total and utter horror” about learning about.
“I asked him straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes,’” Farage said at a Zebu Live event in London in October.
Labour MP Phil Brickell, chair of the parliamentary group on anti-corruption and responsible tax, has now reported Farage’s actions to the standards commissioner, according to The Guardian.
He has asked the watchdog to look into Farage’s interactions with the Bank of England.
The Reform leader is already facing an investigation by the Parliamentary Standards Commissioner over the £5m gift from Harborne.
Farage received the gift before he announced he would stand in the General Election, which meant it was not taxed or declared to the parliamentary authorities.
However, Brickell has said Farage’s alleged crypto lobbying was a separate matter relating to the parliamentary lobbying rules, which stipulate that MPs cannot approach public officials or ministers on behalf of companies or individuals that pay them.
Speaking to the Guardian, Brickell said: “Farage took a £5m gift from Christopher Harborne – we know that. We also know that he has since used his platform, both publicly and privately, to advance positions that could benefit Mr Harborne’s crypto interests.
“Before meeting the governor of the Bank of England, Farage openly championed Tether, criticised proposed restrictions on stablecoins, and vowed to challenge the Bank’s approach. He has since claimed credit for persuading the Bank to soften its position.”
He added: “This is not simply a debate about cryptocurrency. It is about whether an MP who has received millions from one individual should be lobbying for policies that could increase the value and profitability of that donor’s investments.
"Mr Harborne is a major investor in Tether, a company that stood to gain from the weakening of stablecoin restrictions. Harborne also stood to benefit from opposition to a state-backed digital currency that could compete with private stablecoins.
“The public will rightly ask whether these events are pure coincidence or a case of political influence being exercised on behalf of a billionaire backer. That’s why I’ve asked the standards commissioner to investigate and establish the facts.”
It comes after it emerged that Farage and his partner have managed to build a property empire worth more than £4m.
The Times has reported the Reform UK leader and Laure Ferrari own at least five homes across Surrey, Essex, and Kent.
The Reform leader claimed he was "skint" back in 2017.
According to Land Registry Records, all but one were bought with cash from 2020, and the other was secured in 2017 after Farage’s split from his second wife.
But Farage only declares two of the properties under the land and property section of the register of members’ interests, raising concerns about transparency.
