BANK OF ENGLAND GOVERNOR SAYS HE CAN SPOT LOBBYING AFTER FARAGE CRYPTO MEETING

Andrew Bailey, governor of the Bank of England, stated in a letter that he is "able to spot" and resist lobbying pressure. His comments address pressure applied by Nigel Farage, leader of Reform UK, to abandon a cryptocurrency policy that could affect the interests of Farage's billionaire backer. Bailey confirmed that no policy changes resulted from the pressure. The statement follows Farage's decision not to disclose a £5m gift from Thailand-based crypto tycoon Christopher Harborne.

Farage used a private meeting with Bailey in September to demand the Bank drop plans for a state-issued digital currency rival to one that generates substantial revenue for Harborne. At a crypto conference in London, Farage stated he had asked Bailey directly whether the Bank was continuing its digital currency plans and received an affirmative answer. Farage said he would be "prepared to go to prison" to prevent the Bank's plan, and claimed the digital currency would form part of a digital ID scheme, which the Bank has not proposed. Lobbyists for Tether, the El Salvador-based cryptocurrency company part-owned by Harborne, have written to the Bank opposing its "Britcoin" plans.

Farage announced on Tuesday that he would resign as an MP amid parliamentary standards investigations into both the Harborne payment and undeclared support from convicted fraudster George Cottrell. Farage denied wrongdoing and called for a "people versus the establishment" byelection. The Conservative Party, Labour, Restore Britain, the Greens and the Liberal Democrats announced they would boycott the election, accusing Farage of attempting to divert attention from the financial allegations. Farage has maintained that Harborne requested nothing in return for providing two-thirds of the funding received by Reform UK and its predecessor, the Brexit Party.