Farage ally ‘Posh George’ lost £160,000 betting UK petrol prices would rise

Nigel Farage’s close ally George Cottrell lost around £160,000 – after betting heavily on rising oil prices that would hit UK consumers in the pocket.

Cottrell, who the Reform UK leader has described as “like a son”, bet hundreds of thousands of dollars on crude oil prices rising further, as they soared in the wake of the US-Iran war.

Thieves steal 11 sheep from Jeremy Clarkson’s farm

EMBARGOED TO 0001 TUESDAY MAY 26 Undated Handout Photo from Clarkson's Farm. Pictured: Jeremy Clarkson. See PA Feature SHOWBIZ TV Quickfire Clarkson Farm. WARNING: This picture must only be used to accompany PA Feature SHOWBIZ TV Quickfire Clarkson Farm. PA Photo. Picture credit should read: Prime Video. NOTE TO EDITORS: This picture must only be used to accompany PA Feature SHOWBIZ TV Quickfire Clarkson Farm. Editors, please note this is under an embargo until 00:01 on Tuesday, May 26

Jeremy Clarkson has said that 11 sheep have been stolen from his Diddly Squat farm in Oxfordshire.

Clarkson appeals to thieves

Clarkson, 66, said the Easycare sheep were worth more than £2,000 at market, and has urged the thieves to “put them back”.

He told : “The police have been very good, actually… I said, ‘I know it’s going to sound like I’m from 1856, but I’ve had some sheep stolen’.”

EMBARGOED TO 0001 TUESDAY MAY 26 Undated Handout Photo from Clarkson's Farm. Pictured: Jeremy Clarkson. See PA Feature SHOWBIZ TV Quickfire Clarkson Farm. WARNING: This picture must only be used to accompany PA Feature SHOWBIZ TV Quickfire Clarkson Farm. PA Photo. Picture credit should read: Prime Video. NOTE TO EDITORS: This picture must only be used to accompany PA Feature SHOWBIZ TV Quickfire Clarkson Farm. Editors, please note this is under an embargo until 00:01 on Tuesday, May 26
Sheep graze on White Horse Hill, Uffington, Oxfordshire. Picture date: Thursday August 13, 2026. PA Photo. Photo credit should read: Jonathan Brady/PA Wire

  • Clarkson claimed the theft had occurred at night – or during the day when the farm was not being filmed for its Prime Video TV show.
  • He said of recording days that there is “a film crew here all the time” and ”a drone in the air”, which may have deterred or even caught the thieves.
  • Asked whether he believed the show had made his farm a target, Clarkson said: “It’s more likely to make you a target than less, but I still don’t think they’ve been stolen because they’re on Diddly Squat.”
  • He added: “This is 1,000 acres, it’s a big farm. Anyone could be anywhere and you wouldn’t know.”

No arrests made as livestock theft costs farms £4.5 million

The theft was reportedly raised with Thames Valley Police by Cooper and land manager Charlie Ireland. No arrests have been made and the force has appealed for anyone with information to contact them.

The National Farmers Union (NFU) reported in May that livestock theft had increased by nearly a third in 2025 – costing British farmers £4.5 million.

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FILE - This 2014 photo made available by the U.S. Centers for Disease Control and Prevention shows a feeding female Anopheles funestus mosquito. (James Gathany/CDC via AP, File)

Why yellow fever mosquitoes are now breeding in the UK

An invasive mosquito species known to spread yellow fever, dengue, Zika and chikungunya viruses has been found breeding in some east London homes.

While it is the fourth time the Aedes aegypti insects have been detected in the UK – it is the first time they have been discovered reproducing.

Accidental hitchikers

These insects are usually found in countries with tropical and subtropical climates and are believed to have been transported into the country accidentally in baggage, on vehicles, or in nursery plants.

The UK Health Security Agency (UKHSA) said the risk to the public was low and there was no evidence of humans being infected.

Planting a flowerbed in a front garden: planting Nepeta and the coir pot into the planting hole Picture supplied by RHS royal Horticultural Society
GUANGZHOU, CHINA - JUNE 21: Adult female mosquitos are seen uder a microscope at the Sun Yat-Sen University-Michigan University Joint Center of Vector Control for Tropical Disease on June 21, 2016 in Guangzhou, China. Considered the world's largest mosquito factory, the laboratory raises millions of male mosquitos for research that could prove key to the race to prevent the spread of Zika virus. The lab's mosquitos are infected with a strain of Wolbachia pipientis, a common bacterium shown to inhibit Zika and related viruses including dengue fever. Researchers release the infected mosquitos at nearby Shazai island to mate with wild females who then inherit the Wolbachia bacterium which prevents the proper fertilization of her eggs. The results so far are hopeful: After a year of research and field trials on the island, the lab claims there is 99% suppression of the population of Aedes albopictus or Asia tiger mosquito, the type known to carry Zika virus. Researchers believe if their method proves successful, it could be applied on a wider scale to eradicate virus-carrying mosquitos in Zika-affected areas around the world. The project is an international non-profit collaboration lead by Professor Xi Zhiyong, director of the Sun Yat-Sen University-Michigan University Joint Center of Vector Control for Tropical Disease with support from various levels of China's government and other organizations. (Photo by Kevin Frayer/Getty Images)

Measures are now in place to destroy the larvae, and surveillance and trapping have been stepped up as part of the UKHSA’s Mosquito Watch scheme.

Too cold to survive in UK

Despite recent heatwaves, the overall UK climate is too cold for this species to survive long-term, the UKHSA said.

However, some expects warn that the UK would continue to see cases of invasive mosquitoes. As the climate warms, there may also be increased reports of them being able to survive.

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There is no evidence that these mosquitoes have caused human infections and importantly, to date, there is no evidence of the mosquitoes or larvae being detected in nearby public areas.

UKHSA’s head of medical entomology, Dr Jolyon Medlock
A tiger mosquito bites a person in the French riviera city of Nice, on August 10, 2023. (Photo by Valery HACHE / AFP) (Photo by VALERY HACHE/AFP via Getty Images)

Hidden stowaways

Insects and other hidden stowaways such as lizards, geckos, and snakes can accidentally enter the UK inside shipments.

The massive volume of global plant trade means shipments move too fast for customers to catch every small creature or minuscule larvae.

Lily bulbs are displayed for sale on the Harts Nursery exhibition during the RHS Hampton Court Palace Flower Show 2018 in south west London Tuesday July 3, 2018. RHS Hampton Court is the largest annual flower show in the world and runs until July 8..RHS / Luke MacGregor Image via Emma Dahl

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How AI is surging fraud cases to £10m a year

Conceptual image of a heart with an AI inside of it, could illustrate ideas around artificial love and romance and online dating

AI has enabled fraud losses to swell to nearly £10m this year, up from £1.2m the year before, the City of London Police Report Fraud study has found.

It comes amid a general increase in fraud, as the force reported that more than £3.2bn was lost to fraudsters in that period, up 26 per cent on the previous year.

How is AI making fraud worse?

AI is making common investment and romance scams much more sophisticated, meaning they appear more legitimate and real than they did in the past.

  • Romance fraudsters can use AI to create fake but realistic dating and social media profiles, build relationships using real-time translation tools, and create fraud scripts for “automated relationship management”, the study said.
  • Cases of “facetiming” make it “almost certain” that real-time AI generation is being used to dupe victims, it added.
  • AI can also be used to create imitations of trusted public figures endorsing investment opportunities, while AI-cloned voices are being used to bypass banking security measures.

AI fraud on the rise

Breaking down the numbers

20%

The rise in investment fraud

The amount lost to romance fraud

Romance fraud rose by 15 per cent in the last year

Criminals are using -generated adverts, celebrity deep fakes, synthetic identities, voice technologies to make their approach to victims more and more compelling and believable on an ongoing basis, and I think  is clearly a leader in that space.

City of London Police’s service delivery director Chris Bell
(FILES) This photo illustration created on July 18, 2023, in Washington, DC, shows an advertisement to create AI girls reflected in a public service announcement issued by the FBI regarding malicious actors manipulating photos and videos to create explicit content and sextortion schemes. Her voice tinged with anger, an American mother worried about what the future holds for her teenage daughter, just one of dozens of girls targeted in yet another AI-enabled pornography scandal that has rocked a US school. The controversy that engulfed the Lancaster Country Day School in Pennsylvania last year highlights a new normal for pupils and educators struggling to keep up with a boom in cheap, easily available artificial intelligence tools that have facilitated hyperrealistic deepfakes. (Photo by Stefani REYNOLDS / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)

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John Calladine, 51, from Leeds experienced ?horrific? queues at Malaga Airport due to EES checks when he arrived from the UK on 22 November, with passengers, many of them elderly stuck in queues of at least an hour. ?They kept us upstairs in a holding area and wouldn't let us go any further as they were saying the downstairs area of passport control was full and couldn't take anymore passengers,? he told The i Paper. ?They ended up scrapping the new system and just waved everyone through to stamp their passports as it was taking too long to process the new system. ?Arguments were breaking out as they were directing people into different areas and people thought others were queue jumping. It wasn't a pleasant experience. ?Nobody knew what was happening and the Spanish border force didn't know either?. He described people pushing,warm waiting areas and fears medical emergencies could be ?very possible? during peak travel periods in 2026 once EES is fully operational. ?It will be a disaster,? he said.

Taking a trip abroad? Beware the EU change coming in next week

A journey into the European Union may soon take travellers significantly longer as the bloc prepares to reintroduce Entry/Exit System (EES) checks.

The fingerprint scans led to reports of six-hour-long airport queues earlier this year and threaten to disrupt journeys during the October half-term.

The European Union's new Entry/Exit System (EES) has launched with mixed success (Photo: Justin Tallis/ AFP / Getty Images)
  • The EU allowed member states to delay the full rollout over the summer in the event of sizeable disruption.
  • However, this flexibility will be removed from Monday, according to the International Air Transport Association (IATA) trade group.

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Missed flights and connections

Delays caused by EES, which was launched in April, have resulted in people missing flights, being offloaded from aircraft and missing connections.

ryanair hand luggage flights budget airlines allowance personal item eu cabin bag
British holidaymakers have been stuck in queues of more than two hours after landing in Europe as new post-Brexit fingerprint and facial scans checks kick-in. The new checks are compulsory under the EU?s entry/exit system (EES), which was launched on Sunday and will be gradually rolled out across the bloc?s ports and airports. Passengers landing at Geneva Airport on Saturday faced huge delays as they queued to use kiosks where their biometrics details would be taken. Photo: Paul Moston

Border checks criticism

The new checks have received widespread criticism from travel industry figureheads.

Kenton Jarvis, the boss of easyJet, warned that the EU risked putting Britons off visiting altogether if they were forced to queue for hours or risk being stranded after missing their return flight.

Thomas Reynaert, head of external affairs at the IATA, said the scheme would only work once the technology is reliable and all installed booths are operational.

Even then, staff numbers must be sufficient to take over the manual processing of passengers should the system break down.

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EES gives Europe ‘bad rep’

These are real impacts being felt by passengers. That’s bad if you’re travelling alone and even worse if you’re travelling with family and small children. It gives Europe a bad reputation. When systems fail, passengers lose trust in the system and when people are late, airlines pay a high cost.

Thomas Reynaert, head of external affairs at the International Air Transport Association
Long queues at the UK Border checkpoint, following a glitch in the electronic gate system, at London Heathrow Airport, in London, UK, on Tuesday, May 7, 2024. Immigration officers were forced to manually process incoming passengers. Photographer: Julia Manns/Bloomberg via Getty Images

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What to know as Argentina threatens Falkland Islands oil fields

Argentina's President Javier Milei speaks during the Madrid Forum, a gathering of Latin American conservative leaders, in Santiago on September 3, 2026. (Photo by Javier TORRES / AFP via Getty Images)

Argentina’s President has said he will impose sanctions on oil drilling off the Falkland Islands amid heightened tensions between the UK and Argentina.

In a national address, Javier Milei said the “winds of change” favoured Argentina’s claim to control over the British territory, as the US reviews its position on the dispute.

Milei seeks oil firm sanctions

  • The Argentine President said he would boost efforts to levy penalties against the companies, as well as their shareholders, directors ⁠and suppliers.
  • Milei pledged to increase defence resources to ‌build a naval base in the nearby Tierra ‌del Fuego province.
  • He has also promised to send Congress an urgent “national sovereignty defence” bill aimed at strengthening Argentina’s ⁠response to what he called unauthorised operations around the islands.

Urgent threat to Argentine interests

“If we do not act swiftly, in a few months they will have the material capacity to access the oil that lies underneath our sea – something that has never happened before.

Milei said Argentina had determined that the Sea Lion offshore project, operated by Navitas Petroleum and Rockhopper Exploration, could begin oil development in the coming months.

FILE - Mount Tumbledown stands tall behind Stanley on the Falkland Islands, also known as Islas Malvinas, March 16, 2026. (AP Photo/Ricardo Mazalan, File)

Long-running soveriegnty dispute

The Falkland Islands have been a self-governing British Overseas Territory subject to a long-running sovereignty dispute with Argentina since the 19th century.

Argentina invaded the islands in 1982. The conflict lasted 74 days and ended in Argentine surrender after claiming the lives of 649 Argentine military personnel, 255 British military personnel, and three Falkland Islanders.

In a 2013 referendum, Falkland Islanders voted overwhelmingly to remain a British overseas territory, with 99.8 per cent voting in favour – and just three votes against.

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‘Falkland Islanders choose to be British’

In a statement on X, Defence Secretary Wes Streeting said: “The Falklands are British because Falkland Islanders choose to be British.

“Our commitment to the Falklands is absolute and unshakeable.”

(FILES) General view of Stanley, Falkland Islands (Malvinas) on October 09, 2019. Argentine President Javier Milei said on September 3, 2026, that the "winds of change" favoured Argentina's claim to the Falkland Islands, pointing to Washington's readiness to review it neutrality on his country's dispute with Britain. Britain and Argentina fought a war over the islands in 1982. (Photo by Pablo PORCIUNCULA / AFP via Getty Images)
(FILES) Aerial view of Stanley, Falkland Islands (Malvinas) on October 07, 2019. Argentine President Javier Milei said on September 3, 2026, that the "winds of change" favoured Argentina's claim to the Falkland Islands, pointing to Washington's readiness to review it neutrality on his country's dispute with Britain. Britain and Argentina fought a war over the islands in 1982. (Photo by Pablo PORCIUNCULA / AFP via Getty Images)

Trump suggests he would not help UK in Argentina invades Falklands

Milei’s comments follow a suggestion by Donald Trump that he would not back the UK if Argentina invaded the Falkland Islands.

Trump, who has strongly criticised the UK’s stance on the US-Israeli war on Iran, told GB News: “Your country was not there to help me.”

FILE - President Donald Trump greets Argentina's President Javier Milei at the White House, Oct. 14, 2025, in Washington. (AP Photo/Alex Brandon, File)

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Inside the BBC meltdown over licence fee’s future

Following the resignations of BBC Director General Tim Davie and CEO of news Deborah Turness and US President Donald Trump's threat of a lawsuit due to the editing of a BBC Panorama film about the US insurrection on the US Capitol, are BBC staff leaving Broadcasting House, on 10th November 2025, in London, England. (Photo by Richard Baker / In Pictures via Getty Images)

Scrambling to find £500m

The BBC is scrambling to cut £500m from its budget after executives discovered a gap in finances which shocked even new director-general Matt Brittin.

It comes as the number of households paying the £180-a-year licence fee fell by half a million last year to 23 million, the latest BBC accounts show.

The previous year, accounts showed a 300,000 drop in licence fee payers.

The BBC’s chief financial officer, Bérangère Michel, said earlier this year that the drop in TV licences had “resulted in an unsustainable financial position”.

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More job cuts to come

The BBC must cut £500m from its budget by 2028 – with £160m to be delivered immediately. The corporation has already announced 550 job cuts in news, nations and TV and radio content as part of the first stage in its savings plan.

BBC staff protest with signs and banners outside Broadcasting House on Portland Place, London, prior to the BBC Trust meeting concerning job cuts. BBC journalists and production staff gathered outside Broadcasting House to lobby BBC Trust members as they arrived for a meeting to finalise plans to plug a 2 billion funding shortfall. See PA Story: MEDIA BBC. Photo credit should read: Clara Molden/PA Wire
FILE PHOTO: BBC Director-General Matt Brittin speaks to members of the media as he arrives for his first day at Broadcasting House in London, Britain, May 18, 2026. REUTERS/Chris J Ratcliffe/File Photo

Other cost-cutting options include cutting BBC Four arts and its archive channel and moving its content to BBC Two. The BBC Three youth channel could also be under threat.

‘Every part of BBC affected’

  • More shows are set to be axed, following this week’s decision to scrap , insiders said.
  • In a staff memo, seen by The i Paper, interim BBC head of news Jonathan Munro, said the 200 job closures announced in June would be followed by “further post closures (in news)” in the coming months.
  • “Every part of BBC News will be affected, including senior leaders, and we’re reviewing some on-air roles,” said Munro.

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Familiar faces set to depart

There will be familiar faces leaving, presenters, on-screen correspondents. They will be looking for a small number of expensive on-air people who they might try to persuade to leave sooner than they expected. It’s all up in the air.

A leading news figure told the i paper
News 24 gallery screens during an interview with DG Mark Thompson as the licence fee was announced (Photo by Jeff Overs/BBC News & Current Affairs via Getty Images)

Apprentice jobs also hit

For use in UK, Ireland or Benelux countries only BBC handout photo of Emma Barnett being hugged by Amol Rajan after her first show presenting BBC Radio 4 Today. The journalist and broadcaster left Woman's Hour in April to join the morning news show. Issue date: Wednesday May 15, 2024. PA Photo. See PA story MEDIA Barnett. Photo credit should read: Jeff Overs/BBC/PA Wire NOTE TO EDITORS: Not for use more than 21 days after issue. You may use this picture without charge only for the purpose of publicising or reporting on current BBC programming, personnel or other BBC output or activity within 21 days of issue. Any use after that time MUST be cleared through BBC Picture Publicity. Please credit the image to the BBC and any named photographer or independent programme maker, as described in the caption.
  • Apprentices were also told they could no longer expect jobs, as a result of the cuts.

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A survivor is carried by members of a search and rescue team after they rescued two people alive who had been trapped inside a tunnel at the Trishuli-3A Hydropower Project following devastating floods and mudslides that struck the Bhotekoshi River in Rasuwa, Nepal, September 4, 2026. Nepal Army/Handout via REUTERS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES. TPX IMAGES OF THE DAY

Two rescued a week after Nepal floods


Two people have been rescued alive from a hydropower tunnel in Nepal, nine days after
a catastrophic flash flood killed more than 1,200 people.

Some 39 workers are still believed to be trapped inside the Trishuli 3A Hydropower Project, according to Suresh Raut, a senior official of the Nepal Electricity Authority (NEA).

Rescued workers named

Authorities have named Sanjaya Shah, a mechanical foreman with the NEA, as the first person to be rescued from tunnels.

The second person rescued is Kabir Maharjan, the BBC reported.

A man who survived is carried by members of a search and rescue team after they rescued alive two people who had been trapped inside a tunnel at the Trishuli-3A Hydropower Project following devastating floods and mudslides that struck the Bhotekoshi River in Rasuwa, Nepal, September 4, 2026. Nepal Army/Handout via REUTERS. THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES.

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Injuries to hands and feet

Anil shah, a survivor rescued from a tunnel of the Upper Trishuli 3A hydropower project nine days after the deadly flash floods and a mudslide, is carried to be air lifted to Kathmandu from an army base in Nuwakot, Nepal, September 4, 2026. REUTERS/Athit Perawongmetha
  • Both workers have injuries on their hands and legs, thought to be from crawling through the tunnel.
  • They are also suffering from lack of oxygen, authorities said.

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Huge rescue mission

Hundreds of the more than 5,000 still missing are labourers working in a vast network of tunnels at hydropower sites along the river.

Rescuers work to pull out a survivor from a tunnel linked to a hydropower station following deadly flash floods and mudslides, at a location given as Rasuwa district, Nepal, in this still image taken from a handout video released September 4, 2026. Nepal Army/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT
Army personnel disembark a helicopter carrying Kabir Maharjan, a worker who was trapped inside a tunnel of Trishuli-3A Hydropower Project, as they arrive at Chhauni Army Hospital in Kathmandu on September 4, 2026. Two hydropower workers were pulled from a tunnel buried by debris in Nepal on September 4, more than a week after catastrophic flooding swept through the area, government ministers said. (Photo by Arun SANKAR / AFP via Getty Images)

Engineers have been pumping air into the hydropower tunnels as part of the huge rescue operation. Aside from the tunnel, it is estimated that over 5,000 people remain missing in Nepal and Tibet.

The rescues inject hope into an otherwise gruelling mission through thick mud.

A tunnelling expert told the news agency that teams had already dug through debris blocking the tunnel for 50-60 metres (164-196 feet) before finding survivors.

They were hoping for a breakthrough, said Arnold Dix, president of the International Tunnelling and Underground Space Association.

“After a week of 24/7 heartache, we might, just, be back in miracle country.”

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Four things to know as Reform reported to the police over ‘funding breach’

Reform UK has been reported to the police over allegedly breaching political donation rules.

LONDON, UNITED KINGDOM - AUGUST 10: Reform UK leader Nigel Farage speaks during a press conference on prison capacity and policies concerning foreign prisoners in London, United Kingdom, on August 10, 2026. (Photo by Rasid Necati Aslim/Anadolu via Getty Images)

The allegations

In the Channel 4 report, Reform’s Dan Jukes, discusses with a donor ways to allegedly get around electoral rules by securing a £500,000 donation via a foreign source.

CLACTON-ON-SEA, ENGLAND - JULY 03: Reform Party leader Nigel Farage poses in the boxing ring during a visit to Seconds Out gym on July 03, 2024 in Clacton-on-Sea, England. The Reform Party are currently polling just behind the Conservatives as the country heads into tomorrow's general election. (Photo by Dan Kitwood/Getty Images)
CLACTON-ON-SEA, ENGLAND - AUGUST 13: Reform UK branding is seen scattered around Clacton on August 13, 2026 in Clacton-on-Sea, England. The Clacton-on-Sea by-election was triggered by Reform UK leader Nigel Farage resigning his seat to seek voter "absolution" amid parliamentary scrutiny over an undeclared ??5 million donation from a Crypto billionaire. In protest of what they called a political stunt, the main UK parties have boycotted the race, leaving a ballot paper of 33 opponents consisting of independents and fringe candidates. The absence of mainstream competition has positioned the satirical space-warrior candidate Count Binface as Farage's primary, high-profile challenger. (Photo by Ben Montgomery/Getty Images)

The report, carried out by Verbatim Investigations, appears to show head of policy James Orr, suggesting the donor’s father could pay for polling. The report claims Reform commissioned three polls £32,500 in total and that the public was not told who commissioned or funded them.

The law

Under UK law, foreign companies are not a permissible source of funding for political parties, including payments for studies and research. Accepting donations from them could constitute a criminal offence.

Reform claimed it was the victim of a hoax and denied any wrongdoing.

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Reform’s response:

Reform UK has been the target of a hoax perpetuated by foreign-funded, climate change activists posing as would-be party donors. The party denies any wrongdoing.
Reform UK has a robust vetting process for prospective donors approved by the Electoral Commission.

A Reform Spokesperson
Reform UK Leader Nigel Farage attend a press conference in central London on August 10, 2026, days ahead of the Clacton by-election in eastern England. (Photo by CARLOS JASSO / AFP via Getty Images)

Who reported Reform?

  • The Lib Dems have written to the Met Police and Electoral Commission saying that James Orr, a senior adviser to Farage, facilitating the donation from an impermissible donor would breach the Political Parties, Elections and Referendums Act.
  • Labour also intends to report the matter to the police, it is understood, while the Greens have called for an investigation.
  • The Met said it is assessing the reports.

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‘No money reached Reform UK at all,’ says Orr

Orr, Reform’s policy head who is at the centre of the allegations, said that “no money reached Reform UK at all”.

“It was a public poll arranged by an independent person paying an independent pollster, and those polls were published immediately for the general public,” he said in a video posted to X.

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Aides step down

Both Orr and Jukes have stepped down from their roles. Farage said Reform UK has “broken no laws” and has not “taken any dodgy money” amid allegations the party breached political donation rules.

Delegates walk on a Reform UK sign on the opening day of the Reform UK 2024 annual Party Conference in Birmingham on September 20, 2024. (Photo by Oli SCARFF / AFP) (Photo by OLI SCARFF/AFP via Getty Images)

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While the bets, placed in cryptocurrency, would not have had any direct impact on oil prices, it means he was trying to make money by gambling on rising costs that would hurt UK households.

Farage’s party is facing growing scrutiny over its finances after a Channel 4 and Verbatim undercover operation alleged that Reform figures breached rules on foreign donations.

Cottrell made the bets as rising oil prices put pressure on UK consumers, and fed through to the cost of petrol and diesel at the pumps.

Cottrell bet £270,000 on rising oil prices

Cottrell, 33, a convicted fraudster, has remained close to Farage for years, despite having no formal role in Reform. Nicknamed “Posh George” by friends, he is reported to have provided the party leader with financial support including help with staff, security and housing.

Using the cryptocurrency gambling site Polymarket, he placed bets that crude oil would reach between $110 to $120 a barrel across April, May and June this year.

Polymarket is an online prediction platform where users bet on real-world events – from politics and sport to global affairs – with market-driven odds and the ability to trade bets with others before the outcome is settled. Users gamble with cryptocurrency but everything is priced in US dollars.

Overall, Cottrell bet around $370,000 (£270,000) on crude oil prices to rise, according to The i Paper’s analysis of his activity on the platform.

In April, he scored a winning payout of around $97,000 (£70,000) after betting that Texan oil prices would hit $110 that month. He also took advantage of a quirk on Polymarket, where a gambler can “sell” bets back to regain money initially staked, which secured him $56,000 (£40,000). Overall, however, he lost nearly $215,000 (£160,000).

Cryptogambling is banned in the UK. However, some countries, including Montenegro where Cottrell is understood to be a resident, do allow sites such as Polymarket to operate.

At the time of the bets, heightened tensions in the Middle East disrupted global oil supplies. Oil prices surged from around $75 to more than $120 a barrel during the US-Iran war.

Crude oil is a key ingredient in fuel, and experts say every $10 per barrel increase in wholesale costs adds 7p to the price of a litre.

Increased oil prices also feed through to the cost of energy, public transport and food – and can fuel inflation, squeezing household budgets further.

Cottrell blames Labour for rising energy prices

Cottrell, who served an eight-month prison sentence after he was convicted of wire fraud in the US in March 2017, is part of Farage’s inner circle.

The Reform leader attended the launch of his book, How to Launder Money, in February 2026.

Their relationship has since come under renewed scrutiny after reported that Cottrell provided Farage with financial support before the 2024 general election. The newspaper raised questions over whether Farage should have declared the benefits.

A Labour Party spokesperson accused Cottrell of seeking to line his pockets “at the expense of the British people as global tensions escalated”.

“Reform is only interested in helping themselves – they are not on the side of the British people,” the spokesperson said.

When asked about the bets, and Labour’s claims, a spokesman for Cottrell told The i Paper: “Labour’s attack is a smear designed to distract from their own record. By throttling North Sea oil and gas in a reckless rush to net zero, they have made Britain dependent on expensive imports and exposed households to every Middle East shock.

“Families and businesses are paying more because Labour chose dependence, not because someone traded oil prices.”

Reform and Cottrell’s lawyers have previously said he is an “unpaid volunteer with no formal role at Reform UK”. claimed he used Reform-branded business cards carrying Farage’s email address.

Cottrell and his mother are also at the centre of a police investigation into money donated to the party. The Metropolitan Police is investigating whether £500,000 worth of donations to Reform by his mother were used to conceal money from someone who was not legally allowed to donate to a political party.

Farage and Reform UK deny wrongdoing and have described the allegations as politically motivated.

The police investigation remains ongoing and no finding of wrongdoing has been made against George or Fiona Cottrell.

Original source Farage ally ‘Posh George’ lost £160,000 betting UK petrol prices would rise

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