Reform UK faces financial scrutiny after Farage resignation
10 reported3 unconfirmed
Scrutiny is mounting on Reform UK’s finances following a series of revelations. 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 disclosures have precipitated Reform’s biggest crisis and led even party supporters to question their leader’s judgment. Additional questions have been raised about a separate £1m donation, a loan to deputy leader Richard Tice, and a police investigation into a donation received by Robert Jenrick.
What’s reported
Nigel Farage announced he would resign and trigger a byelection in Clacton-on-Sea on Tuesday, amid a parliamentary standards investigation into an undisclosed £5m gift.
The £5m gift was reported by bankers to the National Crime Agency over money laundering concerns; these are not the same as a crime report.
Reform UK briefed news organisations that the gift was received in early 2024; donor Christopher Harborne said it was given on 5 April 2024.
Financial industry sources told the Guardian that a report on the £5m gift was made to the NCA on 16 May 2024, and that not all of the money appeared to have been transferred to Farage’s account at that time.
Some of the money did not appear to be received until after Farage said he would not stand for parliament on 23 May 2024, and before he announced his candidacy on 3 June 2024.
Michael Ashcroft’s book states that Reform had hired a former GB News producer to organise Farage’s campaign launch by mid-May.
By 1 May 2024, Farage was a person of significant control of the corporate entity that owned Reform UK, according to Companies House filings.
A separate £1m donation to Britain Means Business by Fiona Cottrell in June 2024 was queried by bankers with Richard Tice; the money was routed via an Australian money exchange called Oneify.
Richard Tice received a personal loan of £80,000 from George Cottrell in late 2024, which raised concerns among bankers who believed it was connected to a property purchase in Dubai.
Robert Jenrick is facing a police investigation over a £37,500 donation he received as part of his Tory leadership campaign; the Metropolitan police confirmed they were investigating on Wednesday.
Open questions
The exact timeline of when Farage received the £5m gift and what account he gave to the parliamentary standards commissioner.
The origin of the £1m donation from Fiona Cottrell.
Whether the loan from George Cottrell to Richard Tice should have been declared to parliamentary authorities.
Key figures
Nigel Farage, Reform UK leader
Christopher Harborne, billionaire Reform donor
Richard Tice, deputy leader of Reform UK
Fiona Cottrell, Reform donor
George Cottrell, close associate of Farage and convicted fraudster
Robert Jenrick, former Conservative minister who defected to Reform
Mohamed Amersi, Reform donor
Sources: The Guardian
