1 definition by Arthur Mullard Junior

A fool, a berk. Someone unsure of what to do next. Literally, a wally is Cockney for a small pickle.
Arthur: There he goes trying to sell that old banger to that geezer again. It's French and the geezer only buys German.

Terry: Yeh, what a wally bag!
by Arthur Mullard Junior August 29, 2008
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