The UK's public debt has increased eightfold over the past 20 years
Economy
British politicians must be careful not to provoke a negative reaction from financial markets by increasing borrowing too quickly, said the outgoing head of the UK’s Debt Management Office, Robert Stheeman, ahead of this year's expected national election.
Sir Robert Stheeman, who has seen the UK's national debt increase during his 21-year tenure as the government's head of borrowing, warned that the job of issuing bonds was becoming increasingly difficult and investors could increasingly exert a restraining influence on fiscal policy.
"Don’t kid yourself in thinking that you can develop policy in a vacuum without taking the market into account," Stheeman told the Financial Times, referring to the failed "mini" Budget of September 2022 which sent the gilt market into meltdown.
"Don’t kid yourself in thinking that you can develop policy in a vacuum without taking the market into account," Stheeman told the Financial Times, referring to the failed "mini" Budget of September 2022 which sent the gilt market into meltdown.
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