The Governor of the Bank of England, Andrew Bailey, has said he would have postponed a meeting with Nigel Farage had he known the Reform UK leader was under investigation over an alleged £5 million gift, raising fresh questions about the central bank's engagement with political figures.
Bailey told the Treasury Select Committee that the meeting, which took place earlier this year, was arranged through standard channels and was part of the Bank's routine programme of discussions with party leaders about economic policy. He said he was not made aware of the investigation into Farage until after the meeting had concluded.
The disclosure has drawn criticism from opposition MPs who argue that the Bank should have more robust vetting procedures for political meetings. The Treasury Select Committee chair said the episode highlighted a gap in the Bank's governance that needed to be closed. Bailey accepted the criticism and said procedures had been tightened.
The meeting itself was described as a general economic briefing covering inflation, interest rates and the Bank's latest forecasts. No policy commitments were made or sought. But the timing — during a period when Farage's party was polling strongly and financial markets were sensitive to political signals — has amplified the scrutiny.
The episode is the latest in a series of questions about the Bank's political engagement. While the Governor regularly meets MPs and party leaders, the Reform UK meeting has become a flashpoint because of the specific allegations surrounding Farage, which he denies.
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