With gilt issuance going haywire, it seems logical to assume that the UK’s debt management office might need some additional assistance.
Head of the DMO and ex-Deutsche banker Robert Stheeman said as much in an interview with the Telegraph last month, claiming that although DMO staff numbers rose from 86-108 between October and March, the increase was still “not enough.”
Following last week’s revelation that gilt issuance will rise to 220bn this year, up from 58.4bn in 2008, Stheeman must surely feel the DMO is even more under-resourced.
Unfortunately, he wasn’t available for a personal chat on the subject. A DMO spokesman instead told us –
“The DMO continues to manage and monitor its skills and resource requirements and to recruit as we feel appropriate.”
A quick look at the DMO’s website suggests it’s not hiring anyone in particular at the moment – it appears to have only one vacancy for a software developer. However, the spokesman said hiring is not their only way of adding headcount – people are also brought across on secondment from other government departments.