About the job

Job summary

The UK Debt Management Office (DMO) is an Executive Agency of HM Treasury, operating at the heart of the debt and cash markets to meet the Government’s wholesale borrowing and cash management needs. Since its establishment in 1998, the DMO has successfully established itself as an integral part of wholesale capital financial markets, raising in excess of £3.1 trillion in total gilt issuance.

We are appointing for the new Chief Executive Officer (CEO) of the DMO, a vitally important and high-profile leadership role. The CEO has responsibility for ensuring that the Government is able to meet its financial obligations smoothly, transparently and cost-effectively, and that the DMO’s debt and cash management remits are executed successfully and in a way that delivers good value for money for taxpayers, including operational delivery of the DMO’s gilt issuance into the primary market in a way that minimises the long-run cost to the Exchequer. The CEO acts as the Chancellor’s most senior advisor on the UK gilt market, whilst also providing effective leadership of the DMO and managing relations with a complex range of stakeholders.

The CEO reports to the Treasury’s Permanent Secretary and chairs the DMO’s Executive Committee which considers all major operational decisions. The DMO also has an Advisory Board chaired by a non-executive which provides the CEO with advice and constructive challenge from experts with a wealth of experience in financial markets.

Candidates for this role will be expected to bring a track record of developing capability and capacity within a professional organisation, aligned with first class people leadership skills and  an excellent specialist knowledge of financial markets (ideally including Debt Capital markets), and strong stakeholder management and communication skills. They will be expected to demonstrate the Civil Service values and a passion to lead the DMO in an inclusive, collaborative, and open manner.

Job description

The CEO has responsibility for:

1.    Ensuring that the Government is able to meet its financial obligations smoothly, transparently and cost-effectively, and that the DMO’s debt and cash management remits are executed successfully and in a way that delivers good value for money for taxpayers through the following functions: 
a.    Being responsible for the operational delivery of the DMO’s gilt issuance into the primary market in a way that minimises the long-run cost to the Exchequer, while also ensuring that operations run smoothly to protect taxpayers’ interests, and the UK’s reputation and credibility as a borrower.
b.    Meeting the objectives set for the DMO’s cash management function, in order to fund the Government’s daily operations as well as deciding how to invest any surplus in the market, through a range of lending tools, in the most efficient way for the taxpayer.
c.    The provision of loans to local authorities for capital purposes, and the management of the funds of selected public sector bodies.

2. Acting as the Chancellor’s most senior advisor on the UK gilt market. Working collaboratively with the Permanent Secretary and the most senior HM Treasury officials to advise Ministers on how best to deliver the Government’s debt and cash remits cost-effectively, managing various risks, in the context of the growth seen in the UK’s debt stock over time. Providing Ministers advice on wider gilt market issues and the impact of potential new instruments or schemes on the gilt market.

3. Running an office of around 130 staff, cultivating and encouraging a positive, inclusive, and collaborative work environment. Building a strong senior leadership team, setting organisational strategy and building and maintaining highly skilled staff, in order to effectively deliver performance targets, set by Treasury Ministers.

4. Maintaining strong stakeholder relationships with HM Treasury, the Bank of England, and other Government bodies, to ensure that public policy development is reflective of developments in the gilt and money markets. Working effectively with private sector institutions, notably the Gilt-Edged Market Makers (GEMMs) and the DMO’s counterparties in the money markets, that it interacts with on a daily basis.

5. Taking on the role of Accounting Officer for both the Debt Management Account (DMA) and the Debt Management Office’s Resource Accounts (DMO). The Accounting Officer (AO) is entrusted with efficiently and effectively managing the DMO’s resources and budget, assuming personal responsibility for maintaining the highest standards of integrity in the management of public funds, and for putting into effect any recommendations, accepted by Government, of the Public Accounts Committee (PAC), other Parliamentary Select Committees, or other parliamentary authorities.

6. Taking responsibility for a core part of the “Exchequer Pyramid” – a system which links together Government bank accounts at the Bank of England – that enables the efficient financial management of central Government’s daily net cash position. This is a unique position in UK Government finances, requiring the careful management of turnover in the trillions. For example, in 2022-23, there was £6.9 trillion of cash management turnover in the DMA.

Person specification

The successful candidate will be expected to perform well across the full range of Senior Civil Service behaviours set out in the Success Profiles Framework and demonstrate commitment to the Civil Service values. 

The relevant criteria for the purpose of selection are:
1. Leadership: a strong track record of (1) developing capability and capacity within a professional organisation to deliver high quality outcomes aligned to the organisation’s vision, values and strategic aims, and (2) people leadership skills, fostering an open and inclusive culture.

2. Financial market expertise and credibility: an excellent specialist knowledge of financial markets (ideally including debt capital markets); a senior career working in or with financial markets, and demonstrating technical credibility to deliver clear and persuasive recommendations.

3. Communicating and influencing skills: the proven ability to communicate clearly to non-experts on technical topics, and effectively influence decision-making at the highest level in an organisation.

4. Stakeholder engagement and representation: a track record of building relationships with very senior stakeholders in relevant financial markets and/or key international institutions. A proven ability to build and maintain collaborative and trusted relationships across institutions in or between the public/private sectors.

5. Public service: the ability to demonstrate an understanding of the civil service’s values and ethos and apply them in the role of CEO.

Benefits

Alongside your salary of £195,000, UK Debt Management Office contributes £52,650 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.

Things you need to know

Selection process details

This vacancy is using Success Profiles (opens in a new window), and will assess your Behaviours, Strengths, Ability and Experience.

Civil Service recruitment processes at Director General level are regulated by the Civil Service Commission, and we follow clear guidelines to ensure that our recruitment is fair and open. We also design our recruitment processes to reflect our values-based approach to HR (using staff engagement panels, for example) and to ensure that shortlisted candidates have the opportunity to meet key stakeholders for the role, before they join us.
We expect the process for this role to be as follows:

Closing date: 23:55 on 10th January 2024

Candidates informed of outcomes: w/c 5th February 2024

Shortlisted candidates will then: 

- Participate in a staff engagement panel 

- Have the opportunity to speak to Sir Robert Stheeman and other stakeholders (these will be informal discussions) 

Final Interviews: w/c 26th February 2024 

Feedback will only be provided if you attend an interview or assessment.

Security

Successful candidates must undergo a criminal record check. Successful candidates must meet the security requirements before they can be appointed. The level of security needed is security check (opens in a new window).

See our vetting charter (opens in a new window). People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window). The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.