Outgoing Debt Chief Says Size of Borrowing Will Bring Risks for Successor

Published on April 11, 2024

The government’s next debt chief will have to deal with risks that come with high levels of public borrowing, the outgoing debt chief said on Tuesday. Sir Robert Stheeman, CEO of the Debt Management Office (DMO), said the office is having to raise “well in excess of £200 billion” each year. The DMO is planning to sell £265.3 billion of UK government bonds, also known as gilts, in the financial year 2024/2025. It’s the second highest on record after £485.8 billion of gilts were issued in the year 2020/2021. In comparison, during the decade before the COVID-19 pandemic, the amount of gilts that DMO have issued each year ranged from £8.2 billion to £165.1 billion. ...

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April 11, 2024
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