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Fuck that, Im off ....


spygirl

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https://www.gov.uk/government/news/chief-executive-officer-of-the-dmo-to-retire-next-year

During Sir Robert’s 20 years of stewardship, the DMO has smoothly raised over £3 trillion of borrowing, a period during which it became recognised as world-leading in the execution of its debt and cash management operations.

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/march2023

 

ftcms:fee42707-62b1-4e03-8528-aa62da2660

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1 minute ago, spygirl said:

https://www.gov.uk/government/news/chief-executive-officer-of-the-dmo-to-retire-next-year

During Sir Robert’s 20 years of stewardship, the DMO has smoothly raised over £3 trillion of borrowing, a period during which it became recognised as world-leading in the execution of its debt and cash management operations.

https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/march2023

 

ftcms:fee42707-62b1-4e03-8528-aa62da2660

He was knighted in the 2016 New Year Honours for his services to UK Government debt management.

 

Maximum lolz.

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2 hours ago, Shamone said:

He was knighted in the 2016 New Year Honours for his services to UK Government debt management.

 

Maximum lolz.

When I saw this it was the point that I realized a)' we' were just 'pawns' in 'their' game, and b) the wholeHonours listiung etc was an 'Old boys' network:

https://www.theguardian.com/world/2002/feb/05/politics.labour

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4 hours ago, spygirl said:

 

ftcms:fee42707-62b1-4e03-8528-aa62da2660


You can tell the entire 30 year history of this country from that single graph, from where the living standards peaked to where our politicians decided to turn us into a money printing banana republic with their only answer being to import millions upon millions of third worlders to go along with the new bongo bongo Britain.

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It's Al flying back to the coop.

Today

Bank of England losses on QE greater than other central banks, says ex-rate setter

Michael Saunders warns counting costs of bond-buying programme in public debt could force fiscal retrenchment

https://www.ft.com/content/a411ebdf-1086-4537-af15-c6c5878353aa



In February the BoE had an unrealised, mark-to-market loss of 23 per cent on its £830bn of bond holdings, Saunders noted. The equivalent figure for the US Federal Reserve’s losses on domestic bond holdings was 13 per cent in June, while for the European Central Bank and the eurozone’s six largest central banks it was 13 per cent at the end of 2022.

The BoE is indemnified against these losses under an agreement signed with the Treasury in 2009, intended to ensure that monetary policy is not constrained by risks to the central bank’s balance sheet. Any profits or losses on the scheme are transferred to or from the Treasury each quarter.

Richard Hughes, head of the UK’s Office for Budget Responsibility, the fiscal watchdog, said in recent evidence to parliament that this system had the advantage of transparency.

“In other countries, these losses accumulate in the balance sheet of the central bank, which at some point may need to be recapitalised by the taxpayer,” he told the House of Commons public accounts committee. “Central banks are always indemnified by taxpayers, whether you write it down or not.”

But Hughes also acknowledged that losses on the scheme would directly affect the government’s ability to put public debt on a downward path — the main fiscal rules set by Hunt.

Saunders said it was “undesirable” to count the BoE’s losses in the public debt measure used for the fiscal rules.

In the short term, this created “powerful incentives” for the Treasury to influence MPC decisions on the pace at which the BoE reduced its bond holdings, he said, “potentially eroding the MPC’s independence”.

In the long term, it could make the Treasury “reluctant to sanction future asset purchases, even if these are justified under the MPC’s remit”.

The Treasury, which has previously stressed that decisions on QE are made to meet the MPC’s objectives, said cash flows “were always expected to reverse” as bond holdings were unwound and the overall gains and losses arising from the scheme were highly uncertain.

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  • 2 weeks later...

UK debt chief warns excessive borrowing risks investor backlash

Sir Robert Stheeman says Liz Truss budget shows fiscal policy must not be ‘divorced from reality’ of financial markets

https://www.ft.com/content/fb8974e4-355e-4276-be1f-7edb73273f75



British politicians should be wary of provoking a backlash in financial markets by increasing borrowing too quickly, the outgoing head of the UK’s Debt Management Office has said, ahead of a general election expected this year.

Sir Robert Stheeman, who has overseen an eight-fold rise in the UK’s debt pile over his 21 years as the government’s borrowing chief, warned that the job of issuing bonds was getting harder and investors might increasingly act as 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, reflecting on ex-prime minister Liz Truss’s ill-fated “mini” Budget of September 2022 which sent the gilt market into meltdown. “In a world where we have debt to sell, policymaking cannot be divorced from the reality of the market.”

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ftcms:d5eaba37-7f19-4999-a3e3-c8c049e8e0

 

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