Labour Accuses Farage of "Evading Scrutiny" Over $6.7M Undisclosed Gift From Tether Stakeholder

The UK's Labour Party has sent a formal letter to Reform UK leader Nigel Farage, accusing him of "evading reasonable scrutiny" over a $6.7 million (£5 million) undisclosed payment he received from Christopher Harborne, a billionaire with a 12% stake in stablecoin issuer Tether, weeks before reversing his decision not to stand in the 2024 general election. Labour Party chair Turley called on Farage to "end his deafening silence and come clean with the public as to what's gone on here," telling reporters, "He can't keep dodging questions and changing his story," according to The Guardian.

Farage, who went on to win the Clacton seat in Essex in July 2024, said he was under "no obligation" to declare the gift, which he characterized as personal rather than political. "Believe you me, we've looked at this from every legal angle," Farage told broadcasters Tuesday, adding that "there is no obligation to declare something that is an unconditional, non-political, personal gift." He has offered two different explanations for the payment, first telling The Telegraph it was to fund his personal security for life, citing past threats including a firebombing of his home, and later describing it as a "reward" from Harborne for his Brexit campaigning.

Harborne, ranked the UK's sixth-richest person with a net worth of $24.4 billion, has donated $16 million (£12 million) to Reform UK in total, including a $12 million (£9 million) contribution last year that stands as the largest single political donation from a living individual in British history. Reform UK has since become the best-funded party in Britain, bolstered by £7 million in donations from Harborne and BitMEX co-founder Ben Delo in the first quarter of 2026.

The parliamentary standards commissioner launched a formal inquiry into the payment last month after the Conservatives referred the matter, asking whether any portion of the money funded political activity. In her letter, Turley wrote that "the British people, and the relevant authorities and regulators deserve one clear and truthful account of what happened," adding that Farage's refusal to address media questions "is not acceptable."

Pressure intensified at Westminster on Wednesday when Prime Minister Keir Starmer challenged Farage during Prime Minister's Questions, saying the "£5 million question still remains" and asking, "Why is the leader of Reform dodging questions about his donation and why did he keep it secret in the first place?" Starmer was responding to a question from Liberal Democrat MP Roz Savage, who pressed him on whether the government would introduce a cap on political donations.