Is Britain going bankrupt? Inside the DMO

For ordinary Britons, and companies, the credit bubble is as much a matter of history as the Tulip bubble.

For governments, however, the credit boom is only just beginning. And Robert Stheeman is about to start running the biggest overdraft in British history. Mr Stheeman is the chief executive of the Debt Management Office, the government arm responsible for funding deficits.

I interviewed him last week – before today’s news that the UK faced having its credit rating downgraded for the first time since the second world war:

In 2000, just after the DMO was created, it had to raise just £10bn. Mr Stheeman has just started a series of weekly auctions designed to raise a remarkable £220bn this year read more

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