Bank of England: Farage Did Not Sway CBDC Stance

The Bank of England has pushed back against claims that a meeting with Reform UK leader Nigel Farage altered its work on a digital pound. Governor Andrew Bailey wrote in a letter, obtained by The Guardian, that the central bank did not change its position on a potential central bank digital currency after meeting Farage.

Bailey said the Bank of England is capable of identifying attempts to influence its policymaking. No policy changes resulted from the conversation, he wrote.

The letter came after Farage publicly said he had discussed cryptocurrencies with Bailey. Farage has been a vocal critic of central bank digital currencies. He has argued they could increase financial surveillance. He previously said he would rather go to prison than live under such a system.

Farage is now fighting his own political battle. He resigned as the Member of Parliament for Clacton. He will contest a by-election while parliamentary investigations into his financial declarations continue. In an X livestream on Tuesday, Farage said he stepped down so local voters could decide whether he should continue representing the constituency. He said he had done nothing wrong and maintained that he had not broken any laws or misused public money.