Krugman on the British pound

I can gift you the whole article.  I will extract just this bit, though:

So why the sudden run on the pound? One answer I liked came from the City of London economist Dario Perkins, who declared that the problem with the budget wasn’t that it was inflationary but that it was “moronic,” and that an economy run by morons has to pay a risk premium.

But while I like the idea of a “moron” premium, there may also be a more concrete concern. I’ve been in correspondence with other City of London economists, and they have expressed doubts about whether the bank will actually be willing to tighten enough to offset the inflationary impact of Trussonomics.