Richard Tice is calling for an “urgent” debate in Parliament after meeting the Bank of England governor with Nigel Farage. The Reform UK leader and his deputy met Andrew Bailey on Thursday at the bank’s headquarters in Threadneedle Street.

They discussed the bank’s approach to quantitative easing and quantitative tightening, where it injects money into the economy and withdraws it, which Reform has previously criticised as causing significant taxpayer losses. Mr Tice said he will write to Rachel Reeves demanding a debate on the subject ahead of her Budget, insisting it could change the Chancellor’s calculations amid speculation of major tax hikes.

He said: “If Parliament, via the Chancellor of the Exchequer, gave a different steer to the Bank of England, this could significantly reduce the need for tax rises at the Budget.

“Subsequently, I will be writing to the Chancellor and the Leader of the House requesting an urgent debate as soon as Parliament returns.”

Reform has pledged to save “tens of billions” of pounds by stopping interest payments on quantitative easing and halting quantitative tightening.

Mr Farage said: “The debate Richard is trying to have, the governor didn’t say ‘no’, he said we should be having that debate.”

The Reform leader, who has previously described Mr Bailey as “hopeless”, suggested the meeting had been a positive one.

Mr Tice described it as a “significant moment” and said the bank’s governor was “keen to engage”.

They also urged the bank to welcome cryptocurrency during their first formal meeting.

Mr Farage said their discussion of cryptocurrency had been “encouraging”, but he thought the bank was still “moving a little too slowly” on the issue.

He said: “I think they’re adopting an overly cautious approach. What he did say was, in that world, that they are looking at it.

“He said ‘our minds are not closed on this issue’.”