Farage sought £1m annual income to offset lost earnings before accepting £5m gift

Nigel Farage told senior Reform UK figures in March 2024 that he required an annual income of £1 million to cover lost earnings if he stood for parliament in the 2024 general election, according to sources speaking to The Guardian. The remarks have intensified scrutiny regarding a £5 million gift from crypto billionaire Christopher Harborne, which Farage received in April 2024. At the time, Farage was Reform UK’s honorary president and majority shareholder, holding a lucrative presenting role at GB News that paid him over £1 million annually.

Sources state that Farage argued he could not afford to resign from his media position to campaign, noting he was being “properly paid” for the first time in years. He reportedly told insiders that resuming party leadership and running for MP would cost him £5 million in total, covering lost earnings from his previous career and two decades of campaigning. The discussions occurred shortly before the gift was made on 5 April 2024, raising questions about the timing and nature of the donation.

The parliamentary watchdog has paused its investigation into whether the £5 million gift should have been declared during Farage’s byelection campaign in Clacton. Proceedings are set to resume after the byelection concludes, meaning Farage will still face the investigation’s conclusions in the autumn regardless of whether he returns as an MP. Farage has consistently denied wrongdoing, asserting the gift was personal and unconditional, and has cited security costs and a reward for Brexit campaigning as reasons for accepting the funds.

However, sources indicate that no mention was made of security costs in the March 2024 discussions regarding the need for financial compensation. Financial industry sources suggest that some of the £5 million was not received until the end of May 2024, shortly before Farage announced on 3 June that he would stand as an MP. Lawyers for Harborne have referred inquiries back to previous statements that Harborne “expected nothing in return” and “did not envisage Mr Farage returning to politics.”

Farage’s office did not deny the reported remarks but stated that he did not feel his answers would be reflected accurately. Recent earnings data from the register of MPs’ financial interests shows Farage received £40,662 in March and £18,402 in June for varying hours of work at GB News, averaging more than £3,000 per hour. The register also indicates he received approximately £98,000 a month from his role at the channel in 2024, a figure Farage has attributed partly to VAT payments to his media company, Thorn in the Side.