Farage's £5m gift faces fresh questions

Nigel Farage is facing fresh scrutiny over his controversial £5 million gift after sources claimed he privately told senior Reform UK figures he would need "a million a year" to return to frontline politics. The claims have raised new questions about the timing and purpose of the payment from crypto billionaire Christopher Harborne.

According to sources, the discussions took place in March 2024, just weeks before Harborne's lawyers say the undeclared £5 million gift was made on 5 April. At the time, Farage believed standing for Parliament would mean giving up his lucrative presenting role at GB News, where he was earning more than £1 million a year.

Sources told the Guardian that Farage said he could not put himself "through the wringer" of another parliamentary campaign and "end up skint". He also reportedly remarked that he was being "properly paid" for the first time in years and would need compensation for the financial sacrifice involved in returning to politics.

Three sources said Farage told senior Reform insiders that taking back the party leadership and contesting both the 2024 and future 2029 general elections would cost him around £5 million in lost earnings. According to those accounts, no mention was made of security costs during those discussions.

Farage has consistently defended accepting the £5 million, insisting it was a personal, unconditional gift. He has offered several explanations for the payment, saying it was intended for his security, describing it separately as a reward for his Brexit campaigning, and arguing that what he did with the money was "nobody's business", adding that he could "spend it on Ferraris" if he wished.

The Reform leader has repeatedly denied doing anything wrong by failing to declare the payment, maintaining that he was not actively in politics when the gift was made. However, at the time he was Reform UK's honorary president, its majority shareholder and was actively campaigning on the party's behalf.

The parliamentary watchdog has paused its investigation into whether the £5 million should have been declared during Farage's Clacton by-election campaign. The inquiry is expected to resume once the by-election concludes, meaning its findings are still due later this autumn regardless of whether Farage remains an MP.

Harborne's lawyers have previously stated that the billionaire "expected nothing in return" and "did not envisage Mr Farage returning to politics". Neither Farage nor Harborne's legal team answered detailed questions about the timing of individual payments, after the Guardian reported that financial industry sources said part of the money was not received until the end of May, shortly before Farage announced on 3 June that he would stand for Parliament.

Farage's office did not deny he made the reported remarks. Instead, it responded by saying: "Mr Farage says he does not feel any answer he gives to you will be reflected accurately."

Since becoming an MP, Farage has continued presenting on GB News, although less frequently. Parliamentary records show he received £40,662 for 12 hours of work in March this year and £18,402 for six hours in June, averaging more than £3,000 an hour. Meanwhile, the parliamentary standards investigation remains on hold, with further scrutiny expected once it resumes later this year.

Revealed: Farage’s £5m gift came after saying he needed 'a million a year' to stand as MP