UK chancellor uses bitcoin to mock Nigel Farage

UK Chancellor of the Exchequer John Healey has compared Nigel Farage’s fiscal policies to a “BTC account” handled by one of the UK’s most financially irresponsible prime ministers.

Healey’s jab at the Reform leader during Labour’s 2026 party conference referred to the perceived economic failure of the UK’s shortest-serving prime minister, Liz Truss.

Truss’s financial policies were widely criticised for their negative impact on financial markets. This led to a rebellion from several Tory MPs, and she was forced to resign within 44 days of her premiership.

Healey appeared to suggest that a “BTC account” is an equally financially irresponsible form of finance, and that only by pairing it with Truss would you recreate the “fantasy funding” ideals of Nigel Farage.

Read more: Reform UK pulls crypto bill from website amid Christopher Harborne ‘gift’ scandal

Healey’s BTC comment shows ‘staggering ignorance’

Healey’s comments upset a lot of Bitcoiners, who claimed his “derogatory” description of a “BTC account” demonstrated “staggering ignorance.”

Freddie New, CEO of the BTC Lightning transaction fee firm B HODL, said Healey is “gleefully ignorant that he thinks it is possible to have a ‘BTC account.’”

UK podcaster Peter McCormack said, “Healey making a dismissive joke about Bitcoin shows that he likely has a woeful understanding of economics, particularly scarcity.”

Read more: What does the UK’s PM-in-waiting Andy Burnham think about crypto?

Most criticisms were technical and took offence at the use of the word “account,” which contrasts with the phrase “crypto wallet” used by crypto holders.

Healey wants a ‘new age of industrialisation’

Healey was defence secretary under Sir Keir Starmer’s leadership before he resigned in June. He argued that the government wasn’t willing to spend enough on national defence. 

During yesterday’s conference, Healey announced new measures to support a “new age of industrialisation,” which includes a £300 million investment from Rolls-Royce toward its factories, and £6 billion in government contracts to build new submarine docks. 

A so-called “Union Learning Fund” was also announced, as were a National Wealth Fund to help create 130,000 jobs by 2030, and a £100 million-backed local apprenticeship scheme. 

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