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LONDON, April 10 Reuters Britain faces risks and challenges from the scale of borrowing it will need in coming years, though it can take some comfort from the fact many other countries are in the same boat, the head of the state debt agency said.

UK Debt Management Office chief executive Robert Stheeman is due to step down at the end of June after more than 21 years in the post, during which time he has overseen more than 3 trillion pounds 3.8 trillion of debt issuance.

After a relatively quiet start to his tenure, British government borrowing jumped in 2008 during the global financial crisis and again after the coronavirus pandemic struck in 2020.

British general government debt the most internationally comparable measure, though a broader one than that preferred by the country39;s budget watchdog is forecast to reach 103.8 of gross domestic product in 2026, up from 100.0 late last year and the highest since 1958.

We are facing gilt remits well in excess of 200 billion pounds annually, Stheeman told Reuters on Tuesday. The sheer numbers are going to be very big and that must bring risks, that must have challenges.

Those challenges will be largely faced by Stheeman39;s successor, who is yet to be named by Britain39;s finance ministry. The government said last September that a…