Nigel Farage reportedly told senior figures within Reform UK in March 2024 that he would need “a million a year” to offset lost earnings if he were to contest a seat in the 2024 general election. This revelation, from sources, has intensified scrutiny surrounding an undeclared £5m gift Farage received from crypto billionaire Christopher Harborne shortly thereafter.
According to Harborne’s lawyers, the gift was made on April 5, 2024. Sources indicate that discussions regarding Farage's financial requirements took place in March 2024, at a time when he anticipated relinquishing his lucrative GB News presenting role, which was then paying him over £1m annually.
One source quoted Farage as stating he could not endure the rigors of standing for election and “end up skint,” adding that he was being “properly paid” for the first time in years. Furthermore, three sources have indicated that in March 2024, Farage informed senior Reform insiders that resuming party leadership and running as an MP would necessitate compensation for the financial impact of giving up his City career to campaign for two decades and stand for election again. He argued this would cost him £5m, covering not only the 2024 general election but also a potential 2029 contest.
Farage has offered various justifications for accepting the £5m, which was first revealed publicly. These include claims that it was for his security, a reward for his Brexit campaigning, and that it was a personal matter. He has also stated that it was “nobody’s business what he did with the money” and that he could “spend it on Ferraris” if he wished. He has consistently denied any wrongdoing by not declaring the gift, asserting its entirely personal nature and that he was not actively involved in politics at the time.
However, details emerging from these conversations, coupled with Farage’s official roles, appear to contradict his explanations. At the time of these discussions, Farage served as Reform UK’s honorary president and majority shareholder, actively campaigning for the party and attending events in its name. Sources also noted that security costs were not mentioned during the discussions about replacing lost earnings.
The parliamentary watchdog has temporarily halted its investigation into whether the £5m should have been declared during Farage’s byelection campaign in Clacton. The inquiry is set to resume once the byelection concludes, with findings expected in the autumn, regardless of whether he secures a seat as an MP.
Lawyers for Harborne referred back to previous statements regarding the £5m gift, reiterating that Harborne “expected nothing in return” and “did not envisage Mr Farage returning to politics.” Both Farage and Harborne had previously cited security purposes for the gift in interviews, with Farage later separately describing it as a “reward” for Brexit campaigning. While the gift was reportedly made on April 5, financial industry sources indicate that some of the £5m was not received until the end of May, shortly before Farage announced on June 3 that he would stand as an MP. Neither Farage nor Harborne’s lawyers engaged with detailed questions about the timings of the payments.
Farage’s office did not deny that he made the remarks about needing “a million a year,” responding 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.”
Since becoming an MP, Farage has continued his role at GB News, albeit with reduced hours. His earnings from the channel, co-owned by hedge fund billionaire Paul Marshall, appear to have decreased as a result. He previously stated he was paid as a contractor, not on a fixed monthly fee, with varying amounts. According to the register of MPs’ financial interests, he received £40,662 for 12 hours of work in March of this year and £18,402 for six hours of work in June, averaging over £3,000 per hour worked for the channel. In 2024, the register of members’ financial interests showed he received approximately £98,000 a month from GB News, which he argued included VAT payments to his media company, Thorn in the Side. In a recent speech, he highlighted his successful broadcasting career and influence with “over 7 million followers on social media” before becoming an MP.
