LONDON Nigel Farage, leader of the Reform UK party, has resigned as a Member of Parliament and announced he will contest his seat again in a special by election, as questions continue to mount over his financial donations and personal wealth.
Farage revealed the decision on Tuesday through his YouTube channel, saying he was stepping down as MP for Clacton on Sea in Essex to allow voters to decide whether he should return to Parliament.
The move comes amid growing scrutiny over the source of Farage’s personal wealth, which is currently the subject of an investigation by Parliament’s standards watchdog. Under parliamentary rules, the investigation will be suspended during the by election. If Farage fails to regain his seat, the Parliamentary Commissioner for Standards will determine whether the inquiry should resume.
Farage strongly denied any wrongdoing.
“Let me be absolutely clear, I have done nothing wrong. I have not broken the law in any way at all,” he said, adding that he had followed parliamentary rules based on legal advice.
“I’ve decided the people of Clacton should be the judges of my actions,” Farage said. “I will fight to win. I will fight to continue the political revolution that Reform has started.”
Political Turmoil Continues
Farage’s decision adds another twist to an already turbulent period in British politics, following the resignation of Prime Minister Keir Starmer last month. The governing Labour Party is expected to elect a new leader within weeks, with former Manchester Mayor Andy Burnham widely viewed as the leading contender.
A key figure in Britain’s Brexit movement, Farage has become one of the country’s most influential and divisive politicians. Reform UK’s strong performance in recent local elections has fueled speculation that he could one day mount a serious bid for the premiership.
Questions Over Personal Wealth
The latest controversy stems from a report published by The Sunday Times, which alleged that Farage failed to declare gifts and payments received from British businessman George Cottrell, potentially breaching parliamentary disclosure rules.
Cottrell was indicted by United States authorities in 2016 on charges including conspiracy to commit money laundering, wire fraud, blackmail and extortion. He later served eight months in prison after reaching a plea agreement with prosecutors.
Responding to the allegations, Farage argued that Parliament’s ethics rules govern lawmakers’ public duties rather than their private financial affairs.
“Making money is not a crime,” he said, noting that he had built significant wealth over the past decade through promoting financial products and working as a social media influencer.
“My financial success in itself should not be viewed as a crime,” he added.
Previous Financial Gift Under Investigation
The latest allegations follow an earlier report by The Guardian, which revealed that Farage received a £5 million ($6.7 million) gift from British billionaire Christopher Harborne shortly before announcing his candidacy for Parliament in the 2024 general election.
Parliament’s standards watchdog is investigating whether Farage should have declared the gift before becoming an MP and has now received an additional referral following the latest allegations.
Farage previously described Harborne’s financial gift as “the equivalent of a lottery win.”
The investigation has also highlighted the scale of Farage’s earnings outside Parliament. Public records show he has declared more than £2 million ($2.7 million) in additional income since entering Parliament in 2024, more than twenty times the basic annual salary of a Member of Parliament.
Despite the ongoing investigations, Farage insists he has complied with the law and parliamentary rules, leaving voters in Clacton to decide whether he should return to Westminster.
Source: CNN
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