Governor of the Bank of England Andrew Bailey says Nigel Farage's crypto lobbying did not change BoE policy on a digital pound. He would have delayed their meeting had a £5m gift been under investigation.
Bank of England Governor Andrew Bailey has stated that a meeting with Reform UK leader Nigel Farage last September did not influence the central bank's policy on a potential digital pound. In an interview with the Guardian, Bailey described the encounter as a 'perfectly polite exchange of views' and rejected suggestions that Farage's lobbying had shifted the Bank's position on a central bank digital currency (CBDC).
The meeting took place months before the Guardian revealed in April 2026 that Farage had received a £5m gift from Christopher Harborne, a Thailand-based crypto billionaire whose fortune is estimated at £18bn. The undisclosed donation prompted a parliamentary inquiry. Bailey said he would have considered delaying the meeting had the gift been under investigation at the time, calling it 'a material fact, certainly, in our judgment.'
Bailey, who also serves as head of the Financial Stability Board, said he is 'able to spot' and resist lobbying and did not bow to Farage. In a letter obtained by the Guardian, Bailey wrote: 'I am happy to confirm that no policy changes have taken place as a result of interventions by Mr. Farage.'
The controversy has broader implications for financial regulation and digital currency policy in the UK. Farage resigned his parliamentary seat following reports of gifts from individuals linked to the cryptocurrency industry, maintaining he broke no laws. The UK's National Crime Agency is investigating transactions involving other senior Reform UK figures.
The Bank of England continues researching a possible CBDC, with no launch decision made. Earlier in 2026, the central bank launched a six-month pilot involving 18 companies to examine how tokenised assets could be settled using central bank money, part of efforts to modernise the UK's financial infrastructure.
Bailey's denial of lobbying impact comes amid a broader debate about the influence of crypto interests on public policy. The Bank of England's stance on a digital pound remains under study, with any launch requiring further analysis and public consultation.
The parliamentary inquiry into the Harborne donation is ongoing, and the NCA investigation continues. Bailey's comments underscore the central bank's commitment to independent policy-making, even as questions about the meeting's timing and context persist.
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