Nigel Farage told the BBC that he discussed the "potential liabilities" of returning to politics months before the 2024 general election. These discussions with then-Reform UK leader Richard Tice took place in spring 2024, according to Farage, to assess the financial implications should he rejoin the party's leadership.
Farage emphasized that these conversations were not a "deal" or an "agreement" but rather a scoping exercise to understand the financial responsibilities involved. He noted that these discussions occurred "quite some time after" he received a £5 million gift from cryptocurrency investor Christopher Harborne.
Farage had previously stated that the £5 million gift was "unconditional" and intended for his personal security, asserting it was not political and he was not an MP at the time of receipt. However, opposition parties, including Labour, have argued that the gift should have been declared in the MPs' register of interests upon his election to Parliament in July 2024.
The Parliamentary Standards Commissioner had been investigating whether Farage breached parliamentary rules. This investigation was suspended when Farage resigned as the MP for Clacton last month, triggering a by-election scheduled for August 13. Farage stated his resignation was to allow the constituents of Clacton to "be the judges of my actions." The investigation is set to resume if he wins the by-election.
Farage stepped down from frontline politics in 2021 to pursue a broadcasting career. In May 2024, while serving as Reform UK's honorary president, he announced he would not stand in the July general election. He reversed this decision in early June, taking over the leadership of the party.
Regarding the timing of the financial discussions, Farage stated, "And you'd be a bit of a mug, wouldn't you, to walk into a job and not find out what the potential liabilities were, and they were substantial." He added, "But without Richard, the party wouldn't have even survived, so that was useful for me to know. But it wasn't a deal, it wasn't an agreement, it was subject to if I came back."
Bridget Phillipson, chair of the Labour Party, commented on Farage's remarks, stating, "Nigel Farage has blown a gaping hole in his excuse for why his secret £5m 'gift' from a crypto billionaire did not need to be declared." The Commons code of conduct requires new MPs to register all current financial interests and registrable benefits received in the 12 months prior to their election within one month of election. The rules differentiate between purely personal gifts and those that might require registration, advising that "if there is any doubt, the benefit should be registered."