Overview

• Nigel Farage and Richard Tice met Governor Andrew Bailey at Threadneedle Street, and the Bank described the talks as “productive.”
• Reform urged halting gilt sales under quantitative tightening and stopping interest on QE‑era bank reserves, arguing this would save taxpayers billions; recent analyses from IPPR and NEF put the annual impact around £20–22bn.
• Tice said he will ask for government time to debate QT and reserve payments before the November Budget, presenting them as choices for Parliament and the Chancellor.
• After pre‑meeting briefings suggested a push for lower rates, Tice told POLITICO they had “absolutely not” pressured Bailey to cut interest rates.
• Farage rejected a central bank digital currency and said the Bank was open‑minded on crypto, with formal stablecoin proposals expected by the end of 2025.