Bank of England governor says he is ‘able to spot’ lobbying after Farage crypto meeting

Andrew Bailey wrote in a letter: ‘We are, by the nature of the Bank’s role, regularly subject to lobbying.’ Photograph: WPA/Getty Images View image in fullscreen Andrew Bailey wrote in a letter: ‘We are, by the nature of the Bank’s role, regularly subject to lobbying.’ Photograph: WPA/Getty Images Bank of England governor says he is ‘able to spot’ lobbying after Farage crypto meeting Exclusive: Andrew Bailey says no policy changes were made as a result of pressure from crypto tycoon-backed Reform leader UK politics live – latest updates The governor of the Bank of England has broken his silence about the pressure Nigel Farage put on him to drop a cryptocurrency policy that could be costly for Reform UK’s billionaire backer, saying he is “able to spot” and resist lobbying. Andrew Bailey’s comments, in a letter seen by the Guardian, come as Farage’s decision not to disclose a £5m gift from the Thailand-based crypto tycoon Christopher Harborne has triggered the biggest crisis of his political career. On Tuesday, the Reform UK leader said he would resign as an MP amid a parliamentary standards investigation into the payment from Harborne and another into undeclared support from his supporter, the convicted fraudster George Cottrell. Denying any wrongdoing, Farage called for a “people versus the establishment” byelection, but the Conservatives, Labour, Restore Britain, the Greens and Liberal Democrats said they would boycott it , accusing him of trying to divert attention from the financial allegations. 11:14 Nigel Farage resigns to stand in ‘people v establishment’ byelection – The Latest Farage has said Harborne asked for nothing in return for providing two-thirds of the funding received by Reform and its predecessor, the Brexit party. But the Guardian revealed in June that Farage used a private meeting with Bailey in September to demand that the Bank drop plans for a state-issued rival to the cryptocurrency that appears to make Harborne as much as £1bn a year. Farage later told a crypto conference in London: “I asked [Bailey] straight: ‘Are you still progressing your plans for a British central bank digital currency?’ And the answer was: ‘Yes.’” To thwart the Bank’s plan, Farage added, he would be “prepared to go to prison”. He claimed the Bank’s digital currency would be introduced as part of a digital ID scheme, though this is not part of the proposals. Lobbyists for Tether, the El Salvador-based company part-owned by Harborne that issues the world’s most widely traded cryptocurrency, have written to the Bank arguing against its plans for a “Britcoin”. They say it could cut demand for Tether’s so-called stablecoins, which maintain the same value as state-issued money. ‘Nigel is mad to accept his money’: who is Christopher Harborne, the mystery billionaire bankrolling Reform? Read more The Labour MP Joe Powell wrote to Bailey seeking details of his meeting with Farage, which the Bank has refused to release under freedom of information law. In his