The UK Debt Management Office (DMO) is an Executive Agency of HM Treasury and the government’s debt and cash manager. The DMO helps to ensure that the government can meet its financing and daily cash requirements smoothly and cost effectively, while managing risk and supporting the UK’s standing as a sovereign borrower of the highest international calibre.
The Policy team develops robust, evidence-based advice to HM Treasury on the government’s wholesale debt management strategy, taking account of the government’s debt management policy objective and framework, investor preferences and developments in financial markets.
The team sits within the Financing Strategy area of the DMO, alongside the Gilt and Cash Desks, Research, Investor Engagement and Strategic Research, Business Operations and Business Development teams. The Co-Head will draw on this combined market, analytical and operational capability to ensure that policy advice is both strategically sound and capable of practical implementation.
You will share leadership of a small team of expert policy advisors, setting a clear direction, maintaining consistently high standards and creating the conditions in which specialists can contribute, develop and thrive. The joint leadership model requires trust, openness and a genuinely collaborative approach.
Job description
This is an exciting opportunity, at the heart of UK public finance, to shape advice that has a direct bearing on how the UK raises finance in wholesale markets and manages the Exchequer’s cash position. The role combines public policy and financial markets, and calls for judgement that is analytically rigorous, informed by financial market developments and firmly grounded in the public interest.
As Co-Head of the Policy Team, you will work in partnership with the other Co-Head to lead the specialist team at the centre of this work. You will co-lead the formulation of the DMO’s advice to HM Treasury on the government’s debt and cash management policy, including the design and implementation of financing programmes, debt issuance and instrument design. You will oversee key annual and in-year remit decisions and provide rigorous advice to HM Treasury on market, regulatory and policy developments.
You will connect high-quality analysis with practical decisions, work closely with colleagues across the Financing Strategy area, and engage with HM Treasury, other public authorities, investors and other market participants, and international sovereign debt management counterparts. Your work will help maintain confidence in the UK’s financing framework and the DMO’s reputation for professional excellence.
Key Responsibilities and Accountabilities:
Co-lead the formulation of the DMO’s advice to HM Treasury on the government’s debt and cash management policy, translating market, economic and policy analysis into clear strategic choices.
- Shape advice on the design and implementation of the government’s debt financing programme, including issuance strategy, instrument design, maturity and distribution considerations.
- Share leadership of the Policy team with the other Co-Head, setting priorities, allocating work, assuring quality and supporting the performance and development of specialist staff.
- Coordinate the analysis and advice supporting HM Treasury’s annual financing remit decisions and subsequent publication of the remit.
- Oversee in-year remit decision-making delegated to the DMO, including quarterly issuance planning and advice relating to individual transactions.
- Oversee the Policy team’s contribution to cash management policy.
- Provide timely, rigorous advice on emerging issues that have implications for debt and cash management.
- Develop and implement initiatives that support the effective functioning and evolution of the markets in which the government issues and manages debt.
- Build and maintain trusted relationships with HM Treasury, other public authorities, investors and other market participants, and international sovereign debt management counterparts.
- Oversee production of high-quality external publications and communications on debt management policy, ensuring they are accurate and clear.
- Work flexibly across Financing Strategy and the wider DMO, contributing judgement, leadership and policy expertise to cross-cutting priorities and time-critical issues.
Person specification
Essential skills:
- Significant experience in a public policy, economics, financial markets or finance-related role, with a record of leading strategic and/or policy workstreams and delivering high-quality outcomes.
- Familiarity with UK debt management policy, fiscal policy and/or monetary policy, and the respective roles of the institutions involved.
- Excellent analytical skills and technical judgement, with the ability to combine financial market analysis, data interpretation and economic insight to produce objective, evidence-based advice with practical application.
- Exceptional written and oral communication skills, including the ability to synthesise complex technical material into clear, accurate, concise and persuasive advice for senior and non-technical audiences, often to demanding deadlines.
- A proven ability to build trusted relationships and influence senior stakeholders both internally and externally, while handling sensitive issues with diplomacy, objectivity and discretion.
- Inclusive and collaborative leadership, with experience of setting direction, assuring the quality of specialist work, and motivating and developing people.
- Commitment to the Principles of Public Life and the Civil Service Code, including the highest standards of integrity, impartiality, confidentiality and evidence-based decision-making.
Desirable:
- Experience of managing relationships with public sector stakeholders.
- Experience of working with financial market participants or applying fixed income market knowledge to policy or strategic decisions.
- Previous experience of operating collaboratively in a joint leadership role
Benefits
Alongside your salary of £110,000, UK Debt Management Office contributes £31,867 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides (opens in a new window).
- Learning and development tailored to your role
- An environment with flexible working options
- A culture encouraging inclusion and diversity
- A Civil Service pension with an employer contribution of 28.97%
- Further details are in the DMO Candidate Benefits Pack 2026
Apply before 11:55 pm on Sunday 18th October 2026
Please see the attached Role Profile for further information about the role, the selection process and how to apply
