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Chancellor ‘frustrated and angry’ at the effect on UK firms and families and says US went into war without a clear exit plan

Q: Why are you calling for an inquiry into Nigel Farage’s investment in a bitcoin firm?

Davey said that, in investing in crypto, Farage, the Reform UK leader, seemed to be copying Donald Trump. He said he thought MPs should be banned from promoting financial services or products.

[Farage is] now promoting this business. The question is, is he persuading people to put money into a risky business?

And the conclusion I draw from this example is that we need to change the rules for MPs. MPs should not be allowed to promote specific financial services or products in the way we’re seeing Nigel Farage doing.

We need to get together as a country. The defence challenges for our country are so serious, with war on our continent for the first time for a long time, with Russia invading Ukraine, surely that’s been the wake up call that we needed. The government hasn’t gone as fast as it should have given those circumstances.