Bank chief: I'd have delayed Farage meeting over crypto row

Bank of England Governor Andrew Bailey has said he would have postponed a meeting with Nigel Farage had he known the Reform UK leader's £5 million donation from crypto billionaire Christopher Harborne would later become the subject of a parliamentary investigation. His remarks come as scrutiny over political donations, lobbying and cryptocurrency regulation continues to intensify.

Governor Draws a Line

Bailey defended his decision to meet Farage in September last year to discuss cryptocurrency policy, insisting there was nothing improper about the exchange at the time. However, he acknowledged that knowledge of a future investigation into Harborne's donation would have materially altered the Bank's judgment.

He said the central bank would likely have considered delaying the meeting until any inquiry had concluded, describing such information as a significant factor in the decision-making process.

Crypto, Donations and Questions Over Influence

The meeting took place months before the Guardian revealed that Farage had received a £5 million donation from Thailand-based investor Christopher Harborne, whose wealth has been built largely through cryptocurrency and who has become Reform UK's biggest financial backer.

Farage has said he pressed Bailey to abandon proposals for a state-backed digital currency that could compete with privately issued stablecoins such as Tether. He also claimed he argued against limits on individual stablecoin holdings, a proposal the Bank later dropped following consultation.

Bailey Defends Bank's Independence

Bailey rejected any suggestion that the discussions influenced the Bank's regulatory approach. He described the meeting as a "perfectly polite exchange of views" and reiterated that he was capable of resisting lobbying, adding that Farage's criticism reflected his broader view of the Bank as part of the political establishment.

The governor also defended the Bank's latest stablecoin framework, arguing its approach encourages innovation while maintaining financial stability. He said he had not discussed the final rules with Farage.

Lobbying Scrutiny Intensifies

Farage has since been reported to Parliament's standards commissioner over whether the meeting breached lobbying rules. Bailey said the controversy would not change how the Bank engages with political leaders, arguing it has a duty to hear from parties across Westminster without favouritism.

He also defended the confidentiality of such meetings, saying the Bank must remain a place where politicians, businesses and market participants can speak freely without sensitive discussions immediately entering the public domain.

Bank of England governor would have put off Farage meeting had £5m gift been under investigation