The Peter McCormack Show
Episode #164: Liz Truss – Britain Isn’t Run by Politicians
Date: April 10, 2026
Host: Peter McCormack
Guest: Liz Truss
Overview
In this thought-provoking episode, Peter McCormack sits down with former UK Prime Minister Liz Truss to explore the origins and consequences of Britain's political and institutional malaise. Truss offers a candid, insider perspective on who really wields power in the UK, the role of the "Blob" (a term denoting the entrenched bureaucracy and establishment elite), and why conventional politics seems unable to remedy the country's ongoing decline. The conversation ranges from institutional sabotage and policy failures to the need for an anti-establishment movement, media complicity, and what hope there is for meaningful change.
Truss is unflinching in her criticism of both the Conservative and Labour parties, the Bank of England, and the embedded "Keynesian" consensus. Throughout, the episode remains sharply focused on systems of power, barriers to reform, and the deep sense of disenfranchisement felt by ordinary citizens.
Key Discussion Points & Insights
1. Where Does Power Really Lie? The “Blob” and Beyond
[00:11, 02:28–03:28]
- Truss argues that real power has shifted away from politicians to the “Blob”—the entrenched establishment, including senior bureaucrats, central bankers, and institutional elites.
- Quote: "It lies in the blob. There are various sort of coded warnings. If you speak out of this, this could damage your future career... And when people don't conform, they get ostracized and they get cancelled and they get debanked." – Liz Truss [00:11]
- The “Blob,” as she describes, enforces conformity and sidelines dissenters, making genuine political change near impossible.
- Truss ties the Blob’s worldview to Keynesian economics, open borders, environmentalism, and big government spending—a perspective deeply rooted since the 1990s.
2. Is There a Global “Blob”?
[03:28–04:13]
- Truss points out that the establishment consensus extends internationally, with Western leaders in the US, France, and Germany all aligning on issues like net zero and climate policy.
- Quote: “That was a worldview that has dominated, I would say, western elites for 30 years.” – Liz Truss [03:56]
3. Financial Incentives and the Origin of the Blob’s Power
[04:13–05:06]
- While financial interests and asset managers like BlackRock play a role, Truss suggests the policy origin lies with political movements (e.g., Club of Rome in the 1960s/70s), later cemented in institutions and followed by financiers.
4. Voter Disenfranchisement, Team Sport Politics, and Perceived Policy Failure
[05:06–07:33]
- McCormack voices the growing sense of futility among voters, and Truss admits both major parties address only symptoms, not root causes.
- Truss maintains her economic diagnosis was vindicated, but she was scapegoated for challenging the Blob’s worldview.
- Quote: “The reason I get so attacked is because I'm vindicated... Their entire worldview... is fundamentally wrong. And that is the reason I get so attacked more than to a ridiculous extent any normal person would acknowledge.” – Liz Truss [07:33]
5. Party Politics and Failure to Challenge the System
[09:21–12:25]
- Truss: Neither Reform nor the Conservatives genuinely challenge the embedded interests (such as the Bank of England or OBR). Instead, differences are superficial.
- On Labour: They entered government blaming Tory incompetence, but now follow essentially the same policy “playbook.”
- Quote: “The difference between him and me is that he, broadly speaking, agrees with the Blob... Whereas I wholly oppose the policies of the Blob and think that Britain needs a complete overhaul and change.” – Liz Truss [12:25]
6. How the Blob Maintains Control: Sabotage, Peer Pressure, and Ostracism
[00:39, 14:29, 38:14]
- Truss recounts how the Bank of England’s actions prior to her budget announcement amounted to “institutional sabotage.”
- She describes coded warnings, career threats, and soft-exclusion tactics within politics.
- Quote: “There are various sort of coded warnings. Maybe I'm just the kind of person that ignores coded warnings... If you speak out of this, this could damage your future career...” – Liz Truss [38:14]
7. Limits of Electoral Change and the Need for Mass Movements
[15:13–18:16, 31:39, 32:08]
- Truss and McCormack agree voting alone can’t break the Blob’s hold; change requires mass voter participation, new media, and anti-establishment movements akin to the Tea Party in the US or the Gilets Jaunes in France.
- Truss is working on CPAC GB, aiming to provide a nonpartisan platform for liberty and sovereignty-focused movements.
- Quote: “If there was a powerful enough anti establishment movement in Britain, then political parties would be forced to change, they'd be forced to respond to it.” – Liz Truss [17:10]
8. The Media: Gatekeepers of the Establishment View
[19:21–21:13]
- Mainstream media is described as unserious, obsessed with trivia and celebrity, and deeply intertwined with establishment circles—protecting the prevailing groupthink.
9. Ideological Capture in Institutions and Academia
[23:23–25:02]
- Institutions like the OBR and Bank of England are staffed and ideologically aligned with the Keynesian left, dismissive of alternative (e.g., monetarist) economics.
- Universities have moved even further towards Keynesian orthodoxy.
- Quote: “It's got worse even since I studied economics... There's less monetarism taught than there was then.” – Liz Truss [25:02]
10. Culture of Self-Censorship and Attacks on Free Speech
[26:54–28:00]
- Academics are afraid to challenge orthodoxy for fear of losing their jobs.
- The UK is described as particularly illiberal; cancel culture and lawfare are tools to suppress dissent.
11. Leadership, Movements, and the Limits of Lone Reformers
[31:39–36:54]
- Successful change, Truss claims, needs a movement and infrastructure, not just a lone reformer. She attributes her own failure to a shortage of backing and a ready-made support base.
- Quote: “A leader who comes in, in Britain needs to have a professional outfit that is ready to go from day one and a movement of people that, when things get difficult, are prepared to go out and... speak out on the media.” – Liz Truss [37:06]
12. Structural Barriers: Legal and Institutional Lock-In
[53:01–54:46]
- The labyrinth of post-1997 legislation (Human Rights Act, Equality Act, Bank of England independence) makes radical change nearly impossible.
- Truss: “Every single problem that we have now can be traced back to legislation or bodies who made the bank of England independent and able to carry out QE with abandon. Tony Blair and Gordon Brown...”
13. Political Legacies: Blair, Thatcher, and Decline
[54:46–58:25]
- Blair’s reforms are seen as the root of current dysfunction (immigration, bureaucracy, legal constraints).
- Brief criticism of Thatcher: should have reined in welfare state and created focus on manufacturing, acknowledging that every subsequent PM has been worse.
14. Britain’s Economic and Social Decline
[59:49–61:07]
- Britain is now poorer than Mississippi, falling behind Poland and Eastern Europe, with declining prospects for the young.
- The state absorbs 45% of GDP, creating a cyclical culture of decline and redistribution rather than growth.
- Quote: “We're already a poor country. You know, we're poorer per capita than Mississippi... At the turn of the century, we had almost the same GDP per head as America. They're now 50% ahead of us.” – Liz Truss [60:04]
15. A Call for Hope, Infrastructure, and New Alliances
[66:12–67:32]
- Despite her harsh assessment, Truss expresses hope that movements such as CPAC GB can galvanize disparate anti-establishment groups (bitcoiners, entrepreneurs, homeschoolers, etc.).
- Real change, she contends, is possible in as little as six months with the right mass support and willpower. She encourages unity and proactive creation of new platforms.
Notable Quotes & Memorable Moments
- On the Blob:
- “It's a system of keeping people in line. But it's developed organically... And when people don't conform, they get ostracized and they get canceled and they get debanked.” – Liz Truss [38:14]
- On Policy Sabotage:
- “It was a combination of institutional sabotage. The bank of England announcing the sale of gilts the night before. Unbeknownst to me, it was a deliberate sabotage on the part of the Blob.” – Liz Truss [14:29]
- On Political Constraints:
- “If you can't criticize an independent institution, what is the point of politics?” – Liz Truss [01:04, 42:53]
- On Reform Failure:
- “It's not that they don't understand economics, it's they don't want the world to be the way it is. It's not that they don't understand, it's that they don't care.” – Liz Truss [06:04]
Timestamps for Key Segments
- Opening Power Question: [00:00–00:56]
- Defining the Blob and Its Worldview: [02:28–03:28]
- The Blob Goes Global: [03:28–04:13]
- Voter Frustration & the Futility of the Ballot: [05:06–07:33, 15:13–18:16]
- Sabotage & Resignation Fallout: [14:29–15:13, 38:14, 42:53]
- Anti-Establishment Movements and CPAC GB: [17:10, 32:08, 33:42, 66:12–67:32]
- Media Critique: [19:21–21:13]
- Academic & Institutional Ideological Capture: [23:23–25:02, 26:54–28:00]
- Why Radical Change Is So Hard: [53:01–54:46]
- Britain’s Economic Decline Explained: [59:49–61:07]
- Closing: Hope for Change, CPAC Details: [66:12–67:32]
Final Takeaways
- Britain’s core problems are not failures of individual politicians, but of a self-perpetuating, ideologically homogenous establishment (“the Blob”) that controls policy regardless of who is elected.
- Electoral politics, as currently practiced, offers only surface-level tweaks—a “different pace of decline”—while the underlying trajectory remains unchanged.
- Meaningful change demands a broad, sustained anti-establishment movement, new media platforms, and honest discussion of the country’s parlous state.
- Truss remains hopeful, emphasizing the need for mass organization and infrastructure, and invites listeners to CPAC GB—a gathering aimed at galvanizing and uniting Britain’s disparate liberty-minded factions.