The European Parliament has been forced into a humiliating climbdown after it set Nigel Farage a 24 hour deadline to attend a hearing into alleged undeclared gifts from Brexiteer tycoon Arron Banks.

Sources today revealed that as a result the committee had decided to extend the deadline to next week. The 24-hour ultimatum was dismissed as political motivated by aides to Mr Farage, while the Brexit Party leader branded the committee a “EU kangaroo court”.

The parliament investigation focuses on almost half a million pounds worth of donations from Mr Banks, which allegedly include a chauffeur-driven car and rent and bills on a £4.4m Chelsea home.

The gifts were exposed by a Channel 4 News investigation but are not declared on the European Parliament’s register of financial interests, which would be in breach of EU rules.

The parliament’s code of conduct committee issued a summons to the Brexit Party leader to attend a formal hearing to explain himself on Monday afternoon. Rather than the usual seven day timeframe to respond to any investigation, it gave Mr Farage just one day.

After The Telegraph broke the story, and set out how Mr Farage was facing a possible European Parliament ban as punishment, he vowed not to attend. That evening he met Donald Trump at the US Ambassador’s residence in London.