Parliamentary Standards Body Opens Inquiry into Nigel Farage’s Unreported £5 Million Gift

The Parliamentary Commissioner for Standards opened an inquiry on May 11 into Nigel Farage's failure to report a £5 million gift from crypto billionaire Christopher Harborne. Newly elected members of Parliament must declare benefits or transactions from the prior 12 months that could relate to political activities.

Farage did not report the gift, which Harborne gave in 2024 shortly before Farage announced his campaign for the Clacton seat.

Farage has described the payment as unconditional. He told the Telegraph the money was intended to provide personal security after the Home Office declined to fund protection. He later told LBC radio that the sum rewarded him for giving up a quarter-century career and income in the City of London, and said he could spend it on Ferraris or place it on horses.

The gift became public in April after the Guardian reported it. Farage then acknowledged receiving the funds. In May, Reform UK stated that the disclosure resulted from a coordinated Russian hack. The Guardian called the allegation a baseless attack on the media.

Chair of the Labour Party Anna Turley referred Farage to the Financial Conduct Authority this week. She wrote that his public advocacy for stablecoins and cryptoassets, including praise for Tether and arguments for the United Kingdom to become a global crypto hub, raises issues within the regulator's remit while he and his party receive funding from individuals with crypto interests.

This is not the first time Farage has been found to have breached reporting rules.