Bank of England governor would have put off Farage meeting had £5m gift been under investigation
Summary
The Bank of England governor, Andrew Bailey, said he would have delayed a meeting with Nigel Farage last autumn if the £5 million donation to Farage’s Reform UK party had been under investigation at the time. Bailey met Farage to discuss cryptocurrency rules, but later acknowledged that knowing about the investigation might have changed his decision to meet.Key Facts
- Andrew Bailey is the governor of the Bank of England and also heads the Financial Stability Board.
- Bailey met Nigel Farage in September to talk about cryptocurrency regulation.
- The meeting happened months before the £5 million donation from crypto billionaire Christopher Harborne to Farage’s party became public.
- The donation led to a parliamentary inquiry because it was undisclosed.
- Farage asked the Bank to drop plans for a state-issued digital currency meant to compete with Tether, a large stablecoin.
- Stablecoins are cryptocurrencies tied to real money like the US dollar and used for crypto transactions.
- The Bank of England later dropped plans to limit how many stablecoins individuals can own.
- Bailey said he did not regret the meeting but would have considered postponing it if the investigation was known.
- Farage is now reported to a standards commissioner over possible lobbying rule breaches.
- The Bank said it will keep meeting political figures confidential and continue meetings without favoritism.
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