#167 - Andrew Lilico - Britain Is Poorer Than The Poorest US State

In this episode of The Peter McCormack Show, economist Andrew Lilico delivers a stark assessment of the UK's economic decline, arguing that Britain is now poorer than the poorest U.S. state. He traces the country's deterioration to a series of political and institutional failures since 2008, including a loss of coherence in the establishment, the erosion of shared values, and the rise of short-termist, self-serving politics. Lilico warns that without a fundamental reset—marked by honest leadership, a return to political responsibility, and a rethinking of public spending—Britain faces a fiscal crisis within the next decade, potentially triggered by a major shock or simply through the accumulation of unsustainable debt. He critiques the current system for shielding politicians from accountability, enabling endless borrowing, and failing to address the reality of the UK’s diminished economic standing. Drawing parallels with Argentina’s decline, he emphasizes that no country is immune to collapse, especially when it refuses to adjust its expectations to its true economic condition. Lilico calls for a return to a smaller state, lower public spending, and re-politicized decision-making, urging both voters and leaders to accept hard truths and embrace bold, principled reform.