‘In a world where we have debt to sell, policymaking cannot be divorced from the reality of the market.’ These are the words of the UK’s outgoing debt chief, Sir Robert Stheeman, who told the Financial Times that British politicians should be wary of provoking a backlash in the financial markets by increasing borrowing too quickly, ahead of a general election this year. Stheeman, who has overseen an eight-fold rise in the UK’s debt pile over his 21 years, warned that the job of issuing bonds was getting harder and investors might increasingly act as a restraining influence on fiscal policy:
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