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Built on a Lie
Built on a Lie
Apr 18, 2025 7:17 AM

Author:Owen Walker

Built on a Lie

'This is a must read!' Vince Cable, former leader of the Liberal Democrats

'Reads like a rip roaring tale of a corporate high wire act' John McDonnell, former Shadow Chancellor

'Should be sold with a bottle of blood-pressure pills' Edward Lucas, The Times

The proud owner of a sprawling £14m estate in the Cotswolds, boasting a stable of eventing horses, a fleet of supercars and neighbouring the royal family, Neil Woodford was the most celebrated and successful British investor of his generation.

He spent years beating the market; betting against the dot com bubble in the 1990s and the banks before the financial crash in 2008, making blockbuster returns for his investors and earning himself a reputation of 'the man who made Middle England rich'.

But, in 2019, after a stream of poorly-judged investments, Woodford's asset management company collapsed, trapping hundreds of thousands of rainy-day savers in his flagship fund and hanging £3.6 billion in the balance.

In Built on a Lie, Financial Times reporter Owen Walker reveals the disastrous failings of Woodford, the greed at the heart of his operation, the flaws of an industry in thrall to its star performers and the dangers of limited regulation. With exclusive access to Woodford's inner circle, Walker will reveal the full, jaw-dropping story of Europe's biggest investment scandal in a decade.

'Vital financial journalism with heart' Emma Barnett, broadcaster

Reviews

An outstanding, readable, well researched account of the collapse of Woodford Investment Management ...'Built on a lie' wasn't a journalist's sound-bite but the judgement of Mark Carney, former Governor of the Bank of England, who saw clearly that Woodford was a symptom of a dangerously unstable investment model. When a rogue investor smashes down a rotten door causing so much damage, give some credit to the rotten door. This is a must read

—— Vince Cable , former leader of the Liberal Democrats and Secretary of State for Business

What reads like a rip roaring tale of a corporate high wire act is in fact also a forensic exposure of a finance system out of control, populated by gambling profiteers operating with impunity and accountable to nobody

—— John McDonnell , Labour MP for Hayes and Harlington and former Shadow Chancellor

Owen reveals in meticulous detail the actions of disgraced fund manager Woodford - how he did what he did. But he also places at the heart of the story those who lost their life's savings. The ones whose names and stories we mustn't forget. Vital financial journalism with heart

—— Emma Barnett , broadcaster

Colourful, insightful and pacey

—— Oliver Shah , Business Editor of the Sunday Times and author of Damaged Goods: The Rise and Fall of Sir Philip Green

Built On A Lie pulls no punches. Owen Walker offers fresh revelations about the scandal, while asking important questions about what we can learn

—— Dave Baxter , Investor's Chronicle

This book should be sold with a bottle of blood-pressure pills. Owen Walker paints a picture of complacency, incompetence and deceit that allowed Woodford, arrogant and naive in equal measure, to splurge his investors' cash on half-baked schemes, covering up the results with financial jiggery-pokery and outright lies. Written with refreshing clarity about a subject often shrouded in mumbo-jumbo and jargon... Walker's depiction is meticulous and unsparing.

—— Edward Lucas , The Times

Neil Woodford made his name as the fund manager who made middle England rich, becoming a rock star to the investment world. Then it all went horribly wrong and Woodford lost investors more than £1bn in a ruinous fire sale. The FT's European banking correspondent tells the story expertly

—— Financial Times, Best Books of 2021

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—— Financial Times

This is an extraordinary and essential journey through the law by the most inspiring of figures

—— Nazir Afzal

Fluently written... Her accounts of her more groundbreaking cases are fascinating... [Spider Woman is] quietly thrilling

—— Rachel Cooke , Observer

Eye-opening... I would highly recommend the work to law students, the newly qualified and those with a sociolegal interest in the treatment of women within the law and the profession

—— Nick Clapham , Law Society's Gazette

A wonderful story... A wonderful read. A wonderful woman

—— Alec Samuels , New Law Journal

A fascinating memoir weaving together personal and professional reflections

—— Alex Dean , Prospect

Baroness Hale's autobiography, Spider Woman, is a reminder of the huge but incomplete progress made by women in public life over the past 60 years... The willingness to talk truth to power that she has shown is needed now more than ever

—— Rachel Reeves , New Statesman, *Books of the Year*

[A] compelling autobiography... Hale reveals more than one might expect

—— Frances Gibb , The Times, *Books of the Year*

Lady Hale... is a trailblazer for social reform. Her sharp intelligence and fierce work ethic are striking... Reading her autobiography makes one wish to know her as a person... She appears so very admirable for being oddly both self-effacing and feisty

—— Jenny Kingsley JP , Magistrate

Lie Beside Me is perfectly paced with plenty of twists and turns to keep readers hooked, from an opening that packs a real punch, all the way through to the satisfying ending. Beautifully written with a cast of characters who keep you questioning everything you think you've worked out. I loved it

—— Amanda Jennings

An absolute belter of a read. Thoroughly absorbing and impossible to put down. Highly recommended for crime fiction fans

—— Olivia Kiernan

An edgy multi-layered mystery with an unforgettable opening and one suspect after another. The goings on in the detectives' private lives were just as fascinating as the main story. The characters were so well-rounded they felt real. I didn't want this story to end.

—— Allie Reynolds, author of Shiver

The shocking opening hooked me in and the twists and turns kept me furiously turning the pages, desperate to know how the story would unfold. Lie Beside Me is a clever and compelling thriller, with a fantastic cast of characters you'll want to spend time with. I loved it

—— Lisa Gray, bestselling author of Thin Air

Superbly plotted and and relentlessly pacy, Lie Beside Me is hands-down her best yet. From its grab-you-by-the-throat opening to its truly shocking conclusion, Lie Beside Me will have you second-guessing everyone and everything. This really is a series going from strength to strength

—— Caz Frear, Richard and Judy bestselling author of Sweet Little Lies

Thrilling

—— My Weekly

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—— Jo Jakeman , author of Sticks and Stones
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