Why is Nigel Farage in trouble over £5 million?

Nigel Farage is facing questions about money he received from a crypto billionaire just weeks before the 2024 general election.

Last year, Christopher Harborne gave Reform UK £9 million – the biggest donation to a UK political party by a living person. But it’s a £5 million gift he gave to Nigel Farage two years ago that has attracted the most scrutiny.

What is the story so far, and how big a problem could this be for the Reform UK leader?

The gift

Harborne, a Thai-based cryptocurrency investor, gave Farage £5m in April 2024 – just weeks before Farage decided to stand in the 2024 general election and take over as Reform UK leader.

The gift was not reported at the time, and was first reported by the Guardian at the end of April 2026.

What was the £5 million gift used for?

Nigel Farage told the Daily Telegraph the money was used to pay for his private security. He later told broadcasters he had “no obligation” to declare the gift and that it was “purely private” and “wasn’t political in any sense at all”.

The Reform UK leader later told The Sun the money was given as a “reward for campaigning for Brexit”.

Farage also said he “cannot be bought by anybody” and the money from Christopher Harborne was given on a “completely unconditional basis”.

Reform UK described the argument as a “non-issue”. / Credit: PA

The house

Just weeks after receiving the gift, Farage purchased a house in Surrey for £1.42 million. Sky News reported that the house purchase was completed without a mortgage on May 10 2024.

A spokesperson for Reform said: “The relevant chronology is straightforward. The offer and purchase process for the property commenced before the gift.

“Mr Farage had already passed proof of funds and the relevant checks before receiving the gift. The purchase was therefore already proceeding independently of it.”

How was the house paid for?

Last week, Reform UK told the BBC the house was paid for using the fee Nigel Farage received from appearing on I’m a Celebrity on ITV.

In 2025, Farage told the Financial Times that the fee had been paid to his company, Thorn In The Side Limited.

However, company accounts appear to show the fee remained in the company accounts after the house purchase was completed.

Has Nigel Farage broken any rules?

A parliamentary standards inquiry is underway to assess whether Nigel Farage broke House of Commons rules by failing to declare the gift.

The House of Commons code of conduct states that “new Members must register all their current financial interests, and any registrable benefits (other than earnings) received in the 12 months before their election within one month of their election.

MPs found to have broken the rules could be asked to apologise in the chamber, or face being suspended – which could eventually lead to a recall petition and by-election in the most serious cases.

A spokesman for Reform UK said: “Mr Farage’s office is in communications with the Parliamentary Commissioner for Standards.

“He has always been clear that this was a personal, unconditional gift and no rules were broken. We look forward to this being put to bed once and for all.”