Key Highlights
- Nigel Farage is facing calls for an investigation over claims he lobbied the Bank of England against the proposed digital pound.
- Critics question whether Farage’s actions could have benefited crypto billionaire Christopher Harborne,
- The Parliamentary Standards Commissioner has not yet decided whether to open a formal investigation.
Nigel Farage, a member of the UK parliament, is facing fresh scrutiny after a UK lawmaker called for an investigation into whether the Reform UK leader improperly lobbied the Bank of England over its proposed digital pound, a move critics say could have benefited one of his biggest political donors.
According to a report from The Guardian, the complaint was made by Labour MP Phil Brickell, who asked Parliamentary Standards Commissioner Daniel Greenberg to examine Farage’s dealings with the Bank of England.
Brickell believes the issue should be looked into separately from another investigation that is already examining whether Farage properly declared a £5 million personal gift he received from crypto billionaire Christopher Harborne before returning to Parliament.
Why the investigation matters
The complaint centers on a private meeting between Farage and Bank of England Governor Andrew Bailey in September 2025. During the meeting, Farage reportedly asked Bailey whether the central bank was still planning to launch a digital pound, also known as a central bank digital currency (CBDC).
Supporters say it could modernize payments, while critics believe it could compete with private digital currencies.
Farage later spoke about the meeting during the Zebu Live crypto event in London in October 2025. He told the audience that Bailey confirmed the project was still moving forward. Farage made it clear that he strongly opposed the idea. He even said he would be “prepared to go to prison” to stop the digital pound from being introduced.
The planned digital pound has become a major topic in the UK’s crypto industry because many people believe it could compete with privately issued stablecoins. Because of this, some lawmakers believe that blocking or slowing down the digital pound could help protect the market position of private stablecoins like Tether.
“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,” Brickell said.
Donations raise more questions
Farage has denied any wrongdoing. He has repeatedly said Harborne never expected anything in return for his financial support.
Reform UK, the party led by Farage, received £15 million in donations from Christopher Harborne, a major investor in Tether, between August 2025 and February 2026. Farage also accepted a £5 million personal gift before the 2024 general election, along with two separate political donations of £25,000 each to help pay for overseas trips.
The Bank of England has also said the meeting between Bailey and Farage was part of its normal discussions with political representatives. It acknowledged that Farage and Bailey had different opinions on the digital pound. However, the Bank has not released the meeting notes or explained exactly what was discussed.
Labour seeks more transparency
The case has drawn even more attention after another Labour MP, Joe Powell, wrote to Bailey asking him to release details of the meeting. Powell said there is strong public interest because the policy discussed could have directly benefited Harborne. He also asked whether Farage’s comments had any effect on the Bank’s thinking about digital currencies.
Powell said decisions about the UK’s financial system should be made openly and in the public interest, not behind closed doors. At the time of writing, Bailey had not publicly responded to his request.
Investigation yet to be decided
Under UK parliamentary rules, lobbying restrictions can apply for up to 12 months after an MP receives financial support or another form of reward. Brickell believes the timing of Harborne’s donations and Farage’s meeting with the Bank of England deserves closer examination.
A Reform UK spokesperson dismissed the claims, saying, “This is utter rubbish. Nigel’s only focus is on saving the country.”
The parliamentary standards commissioner has not yet said whether a formal investigation into the lobbying complaint will begin.
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