Farage quits as an MP but vows to win 'circus' by-election

Nigel Farage is among the most high-profile politicians in Britain. (Reuters: Phil Noble)

Britain's Nigel Farage has announced a high-stakes gamble that could end his political career.

Mr Farage, the leader of Reform UK, said he would resign as an MP and recontest his own seat in the subsequent by-election.

The 62-year-old is facing intensifying scrutiny over his finances and donations, and a big win in the seat could help him shore up support, although many of the main political parties have already said they will not field candidates in the vote.

Nigel Farage, the far-right political leader riding a surge of support in Britain, has announced he will stand down as an MP and recontest his parliamentary seat.

It is a major gamble that could end his political career and comes amid intensifying scrutiny of the 62-year-old Donald Trump-ally's finances and donations.

Speaking in London on Tuesday, local time, he said he would be triggering a by-election in his Clacton-on-Sea constituency, although several parties, including Labour (the government) and the Conservatives (who are the official opposition), have already said they will not contest it.

The Conservatives described it as a "fake by-election" while Labour said it was a "circus".

Mr Farage, facing the biggest crisis of his decades-long career, is attempting to shore up his position in Westminster and silence his critics.

He has been accused of failing to declare donations and other benefits in the months before he was elected to the Commons in 2024.

"I've decided that the people of Clacton should be the judges of my actions," Mr Farage said, claiming the by-election would be "a chance to stick two fingers up to the entire establishment, to frankly tell them to go".

While Mr Farage denies any wrongdoing, he is being investigated by the Parliamentary Standards Commissioner and has confirmed he received a £5 million ($9.63 million) "gift" from a Bangkok-based crypto billionaire.

Nigel Farage campaigns in Clacton-on-Sea ahead of the 2024 general election. (ABC News: Andrew Greaves)

Mr Farage founded and leads the right-wing, populist Reform UK party, which is surging in national opinion polls, although it has only eight MPs in the country's parliament.

Mr Farage has struggled to explain away the reports that he has not been transparent about his financial arrangements.

In late April, The Guardian revealed Mr Farage had failed to declare the £5 million payment from British-Thai political donor Christopher Harborne.

Last week, The Sunday Times reported the Reform UK leader had not declared be