Reform UK chief Nigel Farage has declared his intention to step down as a member of parliament and contest a by-election following mounting scrutiny regarding undisclosed cash contributions and assistance.

In a filmed address, Mr Farage asserted his innocence, saying he had committed no offences and had not violated any legislation whatsoever.

He blamed journalists for harassment and pledged to contest a by-election pitting ordinary citizens against the political establishment.

The Reform UK figurehead has faced demands for an inquiry after revelations that his longstanding associate George Cottrell had supplied undeclared financial backing for protection and personnel during the twelve months preceding his election to parliament.

According to reports, Mr Cottrell hired and compensated three employees to manage Mr Farage’s online platforms prior to the general election, and has subsequently permitted him to occupy a five-storey Georgian residence he leases in the vicinity of Buckingham Palace.

According to parliamentary regulations, newly elected MPs must declare any presents valued at more than £300 received during the preceding year, unless the item could not reasonably be considered by others to be connected to their political activities.

Mr Farage is already subject to a standards probe in the Commons concerning a £5 million donation from Reform backer Christopher Harborne prior to his election as an MP.

Both the Labour party and the Liberal Democrats have urged the Electoral Commission and the Parliamentary Commissioner for Standards to examine the backing provided by Mr Cottrell.

Mr Farage maintained that investigations conducted by parliamentary watchdogs were being deployed as a political instrument.