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Is Farage challenging Bank of England independence?
The Independent
|September 26, 2025
Nigel Farage, and his Reform UK deputy Richard Tice, have popped round to Threadneedle Street for a chat with the governor of the Bank of England, Andrew Bailey. It was a packed and pretty technical agenda, but both sides seem to have got something out of it...
What does Farage want from the Bank of England?
Pre-meeting spin was that he and Tice were concerned about four topics: first, Farage wants lower interest rates; second, he wants the Bank to pay less to commercial banks on reserves held at the Bank, which, Farage argues would indirectly save public money and help cut taxes; third, he is concerned about “quantitative tightening” or QT - tightening the money supply, pushing interest rates up a bit and costing the taxpayer money to cover the Treasury’s losses on the programme; last, and more fancifully, Farage wants the central bank to start hoarding cryptocurrency in a strategic reserve.
Will he get those, hypothetically?
This story is from the September 26, 2025 edition of The Independent.
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