British slang for a foolish or stupid person; someone who does silly things or acts unwisely.
British slang from the 1960s, possibly related to the name 'Wally' or derived from rhyming slang 'Wally Gator' (later/daft). The exact origin is debated among etymologists.
Wally is a perfectly British insult—it's mean enough to sting but harmless enough to use in front of your mum, which is why it became such a popular playground insult across the UK.
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