Nigel Farage is set to challenge the Governor of the Bank of England to cut interest rates in a landmark face-to-face meeting on Thursday.

Andrew Bailey, who has been Governor of the Bank of England since 2020, asked for a meeting with Reform UK’s top brass.

He is now set to meet both Mr Farage and his deputy Richard Tice at the Bank’s headquarters on Threadneedle Street in London.

It is understood that Mr Farage will urge Mr Bailey to cut interest rates in a bid to boost the economy.

Earlier this month, the Bank’s monetary policy committee voted to keep interest rates at 4 per cent, which economists have warned is unlikely to change for the rest of 2025.

Instead, the committee, which sets interest rates, is expected to adopt a “wait-and-see” approach amid fears of rising inflation – and the late Budget, which will be announced on November 26.

Mr Farage believes it is necessary for interest rates to be cut in order to stimulate economic growth in the UK.

Mr Tice, meanwhile, is expected to challenge the Bank’s quantitative easing programme with Mr Bailey.

It is expected that the Reform UK Leader will also question the Bank boss over his opinions on cryptocurrency.

He believes the Bank is acting like “dinosaurs” regarding what he has called the “crypto-revolution”, and has urged it to create a strategic reserve of Bitcoin.

Chet Love, a Republican strategist who has hailed Mr Farage’s work in the past, urged Britons to think about new ways of investing in an interview with GB News last week.

Mr Love said: “If you don’t want the Government stealing your assets, you have to start looking at something like cryptocurrency.

“Bitcoin is a fixed asset. There’s only going to be 21 million Bitcoin ever in existence.”

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And in a swipe at the Bank of England, he added: “You have this limited supply of an asset that can’t just be an artificially inflated like fiat currencies that are being managed by these central banks.”

Mr Farage himself has said he wants the UK to become a “crypto powerhouse” at a speech in Las Vegas earlier this year.

He has also confirmed that Reform UK will accept donations in the form of Bitcoin.

Mr Farage has been a vocal critic of Mr Bailey, having accused him of participating in the “same old failed establishment” and pursuing closer links with the EU.

And just this week, Mr Bailey blamed the weakening economy on people spending less.

He said: “People are being quite cautious at the moment. Of course, that affects spending, so that has an effect on the state of the economy because there isn’t as much.”

He added that fewer people are shopping and going out to restaurants, a statement supported by figures from the Office for National Statistics.

According to ONS data last month, retail sales were 2.1 per cent below their pre-pandemic level in February 2020.