Five pressing questions for Reform UK about its finances

The questions raised about the party’s finances have precipitated its biggest crisis and led even its supporters to question Farage’s judgment. Illustration: Guardian Design; Justin Tallis/Getty; PA; George Cracknell Wright; JNVisuals; Tayfun Salci View image in fullscreen The questions raised about the party’s finances have precipitated its biggest crisis and led even its supporters to question Farage’s judgment. Illustration: Guardian Design; Justin Tallis/Getty; PA; George Cracknell Wright; JNVisuals; Tayfun Salci Explainer Five pressing questions for Reform UK about its finances Questions swirl about origins of gifts, loans and donations as even party supporters wonder if it can weather the storm UK politics live – latest updates Why is Farage quitting as an MP, only to stand again? Scrutiny is mounting on Reform UK’s finances. On Tuesday, amid an investigation by parliamentary standards into an undisclosed £5m gift, Nigel Farage announced he would resign and trigger a byelection in his constituency of Clacton-on-Sea. His statement came an hour after a deadline to respond to the Guardian’s latest investigation, which revealed that the £5m gift had been reported by bankers to the National Crime Agency (NCA) over money laundering concerns. The Guardian has also revealed he was not alone : transactions worth more than £1m involving other senior figures at Reform had also caused bankers to report their concerns to the NCA via Suspicious Activity Reports (SARs). These are not the same as a crime report. They are an invitation for the NCA to examine a transaction and decide whether it merits further investigation. The disclosures have precipitated Reform’s biggest crisis and led even party supporters to question their leader’s judgment. Here are some of the most pressing questions the party must now answer on the revelations and their consequences. When did Farage receive the £5m? After the existence of the £5m gift was revealed, Reform UK briefed news organisations that it had been received in early 2024. Lawyers for the billionaire Reform donor Christopher Harborne said the gift was given by him on 5 April 2024. Both have suggested that, at the time of the gift, Farage was not actively involved in politics. But financial industry sources told the Guardian that a report on the £5m gift to Farage was made to the NCA several weeks later, on 16 May 2024. They added that at that time, it appeared that not all of the money had been transferred to Nigel Farage’s account. Some of the money did not appear to be received until after he said he would not stand for parliament on 23 May 2024, and before he announced his candidacy on 3 June 2024. Michael Ashcroft’s new book, The Farage Factor, adds to questions over when Farage actually decided to stand as an MP. The book says that Reform had hired Adam Lobo, a former GB News producer, to organise Farage’s campaign launch by mid-May. By 1 May 2024, Farage was also a person of significant control – business jar