Debt Management Office (United Kingdom)

United Kingdom Debt Management Office
Type	Government agency
Region served	United Kingdom
Chief Executive	Jessica Pulay
Parent organisation	HM Treasury
Staff	113 (2021)
Website	www.dmo.gov.uk

The Debt Management Office (DMO) of the United Kingdom is the executive agency responsible for debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

Purpose

The DMO is responsible for day-to-day management of the UK Government's debt. It is tasked with carrying out the UK Government's debt management policy of minimising financing costs over the long term, taking account of risk, and managing the aggregate cash needs of the Exchequer in the most cost-effective way, in both cases consistently with the objectives of monetary and any wider policy considerations.

It also manages the Public Works Loan Board and the Commissioners for the Reduction of the National Debt.

Legal responsibility

In institutional terms, the DMO is legally and constitutionally part of HM Treasury as an executive agency. The minister ultimately responsible for the DMO is the Chancellor of the Exchequer, who determines the policy and financial framework within which the DMO operates, but delegates to the Chief Executive operational decisions on debt and cash management, and day-to-day management of the office.

History

The DMO was established on 1 April 1998 when responsibility for government wholesale sterling debt issuance was transferred from the Bank of England to the DMO. This re-organisation followed the transfer of operational responsibility for setting official UK interest rates from HM Treasury to the Bank of England in May 1997.^[2]

References

External links

[1] "| Careers".

[2] "| UK Debt Management Office (DMO)".

[1]

[2]

v t e HM Treasury
Headquarters: 1, Horse Guards Road
Ministers	First Lord of the Treasury Chancellor of the Exchequer / Second Lord of the Treasury Chief Secretary to the Treasury Parliamentary Secretary to the Treasury* Paymaster General Financial Secretary to the Treasury Economic Secretary to the Treasury & City Minister Exchequer Secretary to the Treasury Commercial Secretary to the Treasury Lords Commissioners of the Treasury*
Civil Service	Permanent Secretary to the Treasury
Non-ministerial departments	Government Actuary's Department National Savings and Investments
Executive agencies	Debt Management Office Commissioners for the Reduction of the National Debt Government Internal Audit Agency National Infrastructure Commission
Executive non-departmental public bodies	Office for Budget Responsibility
Other bodies	Crown Estate Infrastructure and Projects Authority Reclaim Fund Royal Mint UK Government Investments National Wealth Fund
Topics	Autumn Budget Budget day Spring Statement
Offices in italics are not currently in use * Sinecure offices nominally associated with the Treasury de facto held by Government Whips