Most convincing explanation yet:
Defenders of the government insist that the mini-budget was only the start. Kwarteng promises further tax cuts. But he also promises to bring the deficit under control. How is that to be squared?
The answer is public spending cuts. Among Republicans in the US, the tactic is known as “starving the beast”. Cut taxes and, as public revenues contract, this will create irresistible pressure for spending cuts. The argument is all the more urgent if you can invoke pressure from the financial markets.