Labour MP reports Nigel Farage to parliamentary watchdog over ‘crypto lobbying’
Phil Brickell has urged the Parliamentary Standards Commissioner to investigate whether Farage has used his influence to lobby the Bank of England
Labour MP Phil Brickell has reported Nigel Farage to the Parliamentary Standards Commissioner over claims he lobbied the Bank of England on the issue of cryptocurrency.
Farage received a £5 million donation from cryptocurrency investor Christopher Harborne in 2024, which he did not declare when he became an MP.
Farage has said that the gift from Harborne was “unconditional” and that he wanted nothing in return for it.
However, it later emerged that the Reform leader used a meeting with Andrew Bailey, the governor of the Bank of England, to lobby him to drop plans to create a state-run digital currency called “Britcoin”.
If the UK’s central bank created a new digital currency, this could see demand drop for stablecoins such as Tether’s, which Harborne has a 12% stake in.
After that meeting, Farage criticised Bailey for suggesting there be a £20,000 limit on the amount of stablecoins an individual can own. He also said if he was prime minister, he would install a Brexiteer as governor of the central bank.
As reported by the Guardian, Brickell, who is chair of the parliamentary group on anti-corruption and responsible tax, has now reported the Reform leader to the parliamentary watchdog.
Brickell has asked the Parliamentary Standards Commissioner, Daniel Greenberg, who is already investigating the £5 million gift Farage received from Harborne, to also investigate the Reform leader’s interactions with the Bank of England.
The Labour MP for Bolton West told the Guardian: “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 [Reform] 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.”
Olivia Barber is a reporter at Left Foot Forward
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