Dillon Wamsley
@dillonwamsley.bsky.social
Research fellow @uompols.bsky.social
Researching political economy, sovereign debt, macroeconomic policy
Researching political economy, sovereign debt, macroeconomic policy
More here: doi.org/10.1080/1356...
When neoliberalism meets technocracy: intra-elite conflict and the realignment of Britain’s macroeconomic regime under Liz Truss
This article offers a new account of Liz Truss’s premiership by analysing the political economy of the 2022 mini-Budget crisis. Engaging with literature on depoliticisation, statecraft, and the Cit...
doi.org
November 20, 2025 at 2:16 PM
More here: doi.org/10.1080/1356...
Without denying the enhanced power of bond markets in the UK’s current economic context, this shows how it is also the institutional arrangements around economic policymaking — which are not subject to iron economic laws — that shape fiscal space.
November 20, 2025 at 2:16 PM
Without denying the enhanced power of bond markets in the UK’s current economic context, this shows how it is also the institutional arrangements around economic policymaking — which are not subject to iron economic laws — that shape fiscal space.
2) the institutionalised market sensitivity baked into UK macroeconomic policy, in large part from an over-reliance on speculative OBR forecasts and continually adjusted estimates of fiscal headroom based on arbitrary fiscal rules.
November 20, 2025 at 2:16 PM
2) the institutionalised market sensitivity baked into UK macroeconomic policy, in large part from an over-reliance on speculative OBR forecasts and continually adjusted estimates of fiscal headroom based on arbitrary fiscal rules.
More on that in this IFS report: ifs.org.uk/publications...
The Budget and bond markets: ‘when you’re in a hole, stop digging’ | Institute for Fiscal Studies
Against a challenging backdrop, the Budget will be a key moment to announce measures needed to maintain and bolster bond market confidence.
ifs.org.uk
November 20, 2025 at 2:16 PM
More on that in this IFS report: ifs.org.uk/publications...
Not mentioned is: 1) how QT and the Bank’s discretionary decision to aggressively downsize its balance sheet amplifies the power of bond vigilantes. This has led to a shifting demand base of gilts toward private and more price-sensitive investors needed to absorb increased supply.
November 20, 2025 at 2:16 PM
Not mentioned is: 1) how QT and the Bank’s discretionary decision to aggressively downsize its balance sheet amplifies the power of bond vigilantes. This has led to a shifting demand base of gilts toward private and more price-sensitive investors needed to absorb increased supply.
In presenting a story of the Labour gov’t vs. bond vigilantes, it overlooks the amplifying effects (and power) of the Bank of England, and the UK’s macroeconomic regime, in mediating the power of bond vigilantes. www.ft.com/content/5209...
The Bank of England is misusing its fiscal powers
Unwinding QE must not be allowed to tie the hands of Government
www.ft.com
November 20, 2025 at 2:16 PM
In presenting a story of the Labour gov’t vs. bond vigilantes, it overlooks the amplifying effects (and power) of the Bank of England, and the UK’s macroeconomic regime, in mediating the power of bond vigilantes. www.ft.com/content/5209...
Recommended alongside this in @lrb.co.uk: bsky.app/profile/lrb....
November 12, 2025 at 9:30 PM
Recommended alongside this in @lrb.co.uk: bsky.app/profile/lrb....
In response to Truss’s challenge to their autonomy, I argue that key institutions realigned as part of a ’Bank-Treasury-OBR’ nexus around a conservative macroeconomic consensus, ultimately playing a key role in Truss’s downfall.
November 12, 2025 at 9:30 PM
In response to Truss’s challenge to their autonomy, I argue that key institutions realigned as part of a ’Bank-Treasury-OBR’ nexus around a conservative macroeconomic consensus, ultimately playing a key role in Truss’s downfall.
Beyond Truss incompetence and bond vigilantism, the article highlights the Truss moment as a key shift in the UK macroeconomic regime.
November 12, 2025 at 9:30 PM
Beyond Truss incompetence and bond vigilantism, the article highlights the Truss moment as a key shift in the UK macroeconomic regime.
It offers a heterodox take on the Truss government, framing the mini-Budget crisis as a moment of intra-elite conflict between Truss’s neoliberal project and depoliticised institutions in the British state.
November 12, 2025 at 9:30 PM
It offers a heterodox take on the Truss government, framing the mini-Budget crisis as a moment of intra-elite conflict between Truss’s neoliberal project and depoliticised institutions in the British state.