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Notes -
At a very high level, the sterling/gilt crash is mostly driven by what finance Twitter is now calling MRP (short for Moron Risk Premium). The UK Deep State has a reputation for basic competence (Dominic Cummings thinks this is undeserved, but most investors disagree with him), whereas the clique of right-wing Brexit-supporting Tories that put Truss into power has a reputation for badly botching the technical aspects of Brexit. So when the Truss ministry publicly blows off the Deep State while simultaneously embarking on a questionable economic policy, investors worry that the British government is no longer going to display basic competence. It doesn't help that bankers can see the UK regulators visibly struggling to cope with onshoring financial regulation post-Brexit, which also creates a stench of Brexity incompetence. (This isn't actually a competence issue, it is a workload issue. The UK needs more bureaucrats as a fully sovereign state than it did as an EU member, but it is politically unacceptable to hire them).
When the government doubles down by saying the crisis is everywhere and not just the UK, blaming the remoaner IMF, attacking bond markets as woke etc. this obviously makes things worse.
At a semi-technical level, https://ukandeu.ac.uk/whos-afraid-of-fiscal-dominance/ is a good essay explaining to laymen what the scenario is that investors dumping the pound are worrying about.
I will do a separate post on the gilt market problem.
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