Farage’s Financial Discussions with Reform UK
Nigel Farage informed senior figures within Reform UK in March 2024 that he would require “a million a year” to compensate for lost earnings if he chose to stand for parliament in the 2024 general election, according to sources who spoke to . This disclosure has intensified scrutiny surrounding a £5m gift he later received from a crypto billionaire.
The conversation reportedly occurred in March 2024, shortly before the undeclared gift was made on 5 April, as stated by the Thailand-based crypto billionaire’s legal representatives.
At that time, Farage anticipated having to relinquish his lucrative presenting role at GB News, which paid him over £1m annually.
One source indicated that Farage expressed reluctance to endure the difficulties of standing for election and risk financial hardship, stating he could not put himself “through the wringer” and “end up skint.” He also mentioned that he was being “properly paid” for the first time in years.
Farage’s Justifications for Accepting the £5m Gift
Farage has offered several explanations for accepting the £5m, which was undeclared, including that it was intended for his security and as a reward for his Brexit efforts. He has also asserted that his use of the money is a private matter, stating he could “spend it on Ferraris” if he wished.
He has consistently denied any wrongdoing in failing to declare the gift, emphasizing that it was entirely personal and that he was not involved in politics at the time.
Parliamentary Watchdog Investigation
The parliamentary watchdog has temporarily paused its investigation into whether the £5m should have been declared during Farage’s by-election campaign in Clacton. The inquiry will resume after the by-election concludes, meaning Farage will face its findings in the autumn regardless of whether he returns as an MP.
Contradictions in Farage’s Explanation
Farage’s account has been challenged by details emerging about his conversations in the lead-up to the election and his official roles. At the time, Farage was Reform UK’s honorary president and majority shareholder. He was actively campaigning for the party and attending events on its behalf.
has been informed by three sources that in March 2024, Farage told senior Reform insiders that if he resumed leadership of the party and ran for MP, he would require compensation for the financial losses incurred by leaving his City career to spend two decades campaigning and standing for election again.
Insiders and donors were adamant that Farage should return to lead Reform UK not only into the 2024 general election but also the 2029 election. Farage argued this would cost him £5m, according to the sources.
Sources noted that no mention was made of security costs during discussions about replacing lost earnings.
Financial Details and Media Roles
According to the register of members’ financial interests, Farage earned approximately £98,000 per month from his GB News role in 2024. He has stated that this amount included VAT payments to his media company, Thorn in the Side.
In a speech last week, Farage said that prior to becoming an MP, he had built a successful broadcasting career and was an influencer with “over 7 million followers on social media.”
The office of Nigel Farage did not deny that he made the remarks but responded to a request for comment with the statement:
“Mr Farage says he does not feel any answer he gives to you will be reflected accurately.”
Statements from Harborne’s Lawyers
Lawyers representing Harborne referred back to previous statements regarding the £5m gift. They have stated that Harborne “expected nothing in return” and “did not envisage Mr Farage returning to politics.”
This raises further questions about the £5m gift from Harborne, which Farage has described as “unconditional.” Both parties have said the money was given for security purposes in interviews with the Telegraph. Farage later described it separately as a “reward” for Brexit campaigning.
Timing of Discussions and Gift
The discussions about needing “a million a year” took place in March 2024, according to ’s sources. Harborne’s lawyers have confirmed the gift was made on 5 April 2024.
has also revealed, citing financial industry sources, that the gift was made shortly before Farage announced on 3 June his intention to stand as an MP.
Neither Farage nor Harborne’s lawyers responded to detailed questions regarding the timing of the £5m payments.
Farage’s Continued Media Work as an MP
Since becoming an MP, Farage has continued to present on GB News, although he has reduced his hours. His earnings from the channel, co-owned by hedge fund billionaire Paul Marshall, appear to have decreased accordingly. He previously told the BBC that he did not receive a fixed monthly fee but was paid as a contractor with variable earnings.
According to the register of MPs’ financial interests, Farage received £40,662 for 12 hours of work in March 2024 and £18,402 for six hours in June 2024, averaging over £3,000 per hour for his work with the channel.
