Nigel Farage reportedly told senior Reform UK figures that he would need “£1 million a year” to replace his lost earnings if he returned to frontline politics months before receiving a controversial £5 million gift from crypto billionaire Christopher Harborne.
The new claims, published by the Guardian, are likely to intensify scrutiny over the undeclared payment, which is already the subject of a paused parliamentary investigation.
According to three sources cited by the newspaper, Farage made the remarks during discussions with senior Reform insiders in March 2024, as pressure grew for him to return as party leader and stand at the general election. At the time, Farage believed becoming an MP would force him to step away from his lucrative role at GB News, where parliamentary records later showed he had been earning close to £100,000 a month.
‘I can’t end up skint’
One source told the Guardian that Farage said he could not put himself “through the wringer” of another election campaign and “end up skint”. He reportedly argued he was finally being “properly paid” after years in politics and suggested returning to Westminster would come at a significant personal financial cost.
The newspaper says discussions centred on replacing lost earnings rather than funding security costs.
Lawyers acting for Harborne have previously said the £5 million payment was made on 5 April 2024, shortly after those conversations are said to have taken place. Financial industry sources quoted by the Guardian also claim that some of the money was not transferred until the end of May, only days before Farage announced on 3 June 2024 that he would stand in Clacton.
Neither Farage nor Harborne’s lawyers answered detailed questions about the timing of those payments.
Farage has offered several explanations
Since the payment was first revealed, Farage has repeatedly insisted he has done nothing wrong. He has argued the gift was entirely personal, saying it was provided for his security following years of public life. He has also described it as a reward for his role in delivering Brexit and has dismissed criticism by saying it was nobody else’s business what he chose to spend the money on. At one stage, he remarked that he could spend it on “Ferraris” if he wished.
When approached about the latest claims, Farage’s office did not deny the reported conversations. Instead, it issued a brief statement saying: “Mr Farage says he does not feel any answer he gives to you will be reflected accurately.”
Harborne’s lawyers referred the Guardian back to previous statements, maintaining the billionaire expected nothing in return and “did not envisage Mr Farage returning to politics”.
Questions over timing
The latest report raises fresh questions because the reported discussions about replacing lost income are said to have taken place before the gift was made. At the time, Farage was not an MP but remained Reform UK’s honorary president, majority shareholder and one of its most recognisable public figures, regularly campaigning on the party’s behalf.
Sources told the Guardian that party insiders believed Farage needed to return to lead Reform into both the 2024 and 2029 general elections. They claim Farage estimated doing so would ultimately cost him around £5 million in lost earnings over several years. No mention of security costs was reportedly made during those conversations.
According to Parliament’s Register of Members’ Financial Interests, Farage earned approximately £98,000 per month from GB News during 2024, although he has said those figures included VAT paid to his production company. Since entering Parliament, his television earnings have reduced significantly as he has presented fewer programmes. The register shows he received £40,662 for 12 hours’ work from GB News in March this year and £18,402 for six hours in June.
Investigation paused until autumn
The Parliamentary Commissioner for Standards has temporarily paused its investigation into whether the £5 million payment should have been declared during Farage’s Clacton by-election campaign. The inquiry is expected to resume after the current by-election period concludes, meaning the findings are likely to emerge later this year regardless of whether Farage remains an MP.
The investigation will examine whether the payment fell within parliamentary disclosure rules and whether it should have appeared on election declarations. Farage continues to deny any wrongdoing.
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