The Liz Truss Show The Liz Truss Show Extra with Phillip Pilkington
Jan 7, 2026
Liz Truss hosts economist Philip Pilkington, a Visiting Fellow at the Danube Institute, who sheds light on the tumultuous events of 2022 that led to her departure as Prime Minister. They delve into the shadowy networks of global economic institutions like the IMF, and critique how the press handled the narratives surrounding her mini-budget versus Labour's fiscal policies. Phillip also discusses the impact of Trump on these established powers and evaluates Hungary's approach to reclaiming institutional control amidst a turbulent economic landscape.
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Consensus Swarm Shaped The 2022 Crisis
- Global economic networks (IMF, central banks, think tanks) acted as a consensus 'swarm' against Liz Truss's policies in 2022.
- That coordinated hostility amplified market fears and created political chaos beyond domestic fiscal facts.
Ideological Clash, Not Just Numbers
- Philip argues the root conflict was over tax-cut ideology versus mainstream Keynesian preferences.
- The economic establishment disliked tax cuts and therefore reacted much more harshly to the mini-budget than to later Labour borrowing.
'Independent' Agencies Can Be Partisan
- Independent fiscal bodies can behave politically and amplify market reactions.
- Philip contrasts the OBR's hostile role in 2022 with its softer stance toward the subsequent Labour government.