About the job

Job summary

If you’re interested in making a difference to people’s lives, the Treasury can offer you an exciting opportunity to influence decision making that affects the whole of the UK. Working at the heart of government, we collaborate across government to promote responsible public spending and drive strong and sustainable economic growth.  

Our work ranges from protecting customers through the regulation of the financial sector, helping to reduce carbon emissions and creating a greener economy, to promoting British trade around the world and supporting people across the country on jobs, growth and more.  

HM Treasury is proud of a diverse and inclusive work environment, committed to fairness and the promotion of equality of opportunity for all. We know that having a range of experiences, ways of working and thinking makes us stronger and better at developing policy that reflects the needs of every community. We embrace different views and experiences and value the new perspective that people from a variety of circumstances bring to the work we do. We welcome applications from candidates who have not previously worked for the Civil Service, mid- and late-career changers with transferrable skills, people from all backgrounds and circumstances regardless of disability, gender, age ethnicity, LGBT+ identity and socio-economic status.  

We are part of the Darlington Economic Campus, a pioneering new cross-government hub which brings people together to play an active role in the most important issues of the day whilst working closer to the communities we serve. The campus provides the opportunity for people from all over the UK to help shape the future of the country, and our flexible working practices ensure you can collaborate effectively with our partners. It’s central government, made more accessible to you! 

Job description

Fiscal Group

Fiscal Group works on a wide-ranging set of issues at the heart of the Treasury’s objectives and of fiscal events such as Budgets. We are responsible for ensuring the sustainability of the government’s finances, overseeing its macroeconomic policy framework, and stable and efficient financing of government liabilities. Work includes advising the Chancellor on the appropriate levels of borrowing and debt (as well as broader commitments like guarantees & insurance), providing analysis of the government’s finances, overseeing financing raised for the government by the Debt Management Office and National Savings & Investments. We work with teams across the Treasury to support decisions on the full range of policy. We also have a particularly wide and deep range of relationships beyond the Treasury including the Office for Budget Responsibility, Bank of England, and the Office for National Statistics. 

Delivering these objectives requires a range of skills and backgrounds, and we are proud of our diversity.

Macroeconomic Policy Team

Our team, of 15 staff, is responsible for developing HM Treasury’s thinking and advice for the Chancellor on macroeconomic policy! This includes short-term fiscal policy and monetary policy strategy. The team consists of four branches:

• Strategy and Framework – We provide advice, analysis and briefing on the macroeconomic strategy. We also work with office of the Chief Economic Advisor to coordinate the weekly macroeconomic strategy meetings, arranging presenters and providing readouts.
• Monetary Policy – We advise on the monetary policy framework and support Chief Economist in her role as the Treasury representative at the Bank of England’s Monetary Policy Committee (MPC) meetings. The branch produces monetary policy analysis ahead of MPC meetings, speeches and select committee hearings. We also own the appointment process for external members to the MPC.
• Projects – We solve a variety of pressing macroeconomic questions in short-term projects commissioned by seniors within HMT that typically span over a month or two. These projects can be either analytical or strategic.
• Research – We look more deeply into analytical issues on fiscal and monetary policy including the fiscal stance and automatic stabilisers. We develop a research agenda across the team and build links with other teams, academics and external organisations on policy issues.

About the Job

Working in the Research branch, the post-holder will support macroeconomic policy analysis for HMT. Our team’s work involves developing analysis to guide the policies ultimately used in the Budget!

To make sure our advice to the Chancellor draws on the best available evidence, we work closely with a broad mix of people. Our key contacts come from throughout the Treasury, the Bank, the OBR, think-tanks and academia to make use of different perspectives.

The key tool owned by the postholder will be the ‘Bank Reaction Function’, which is central to understanding how fiscal policy decisions interact with monetary policy and the implications this has on achieving the government’s economic objectives. This analysis underpins our final recommendations on fiscal policy for the Chancellor at fiscal events.

Key accountabilities for the role include:

1. Supporting HM Treasury’s programme of macroeconomic analysis. This will require excellent analytical skills paired with the initiative and curiosity to undertake research into new areas to develop genuine expertise. A good understanding of public finance statistics is helpful but not crucial, provided you have a curiosity about developing your knowledge.
2. Building your proficiency in macroeconomic modelling, chiefly using R and Excel. This is a technical role so a strong ability to undertake quantitative analysis in R is critical. A working knowledge of NIESR’s NiGEM macroeconomic model is helpful but not essential. The equivalent of post-graduate level expertise in economics and some experience working in macroeconomics are also desirable.
3. Effective communication skills in both oral and written work. You will present your work regularly so you will need to boil down your understanding of macroeconomics and econometrics into simple and easily understandable terms for different audiences.
4. Developing and maintaining effective relationships with colleagues in HMT and external bodies. Your ability as a great teammate and your enjoyment for meeting new people will help you to draw on their skills and knowledge.
5. Working on a mix of projects depending on your development needs, interests and wider HMT priorities. A willingness to learn and develop knowledge of specialist topics, drawing on the understanding of colleagues you work with will be key.

As this role is for economists, you may apply for professional membership of the Government Economics Service during your tenure if you meet the relevant criteria:

1. Have a first or upper second-class honours degree in economics (or international equivalent), or a postgraduate degree in economics. If it is a joint degree, at least 50% of the course modules must be in economics.
2. Have studied both macroeconomics and microeconomics.
3. Be a civil servant or be on Civil Service terms and conditions.
4. Be in an economics role at the time of joining or have previously been a member of the GES and have chief economist support for re-joining.

More details are available at: GES membership guidance. GES members have access to events and L&D opportunities, have a professional membership, and can build a career across government as a GES economist. 

Candidate Drop-In Session 
 
We will be running a candidate drop-in session for this role to give you greater insight about the role as well as the chance to learn more about HM Treasury and the recruitment process. If you would like to join us, then use the appropriate link below to join the call at the right time. 

Thursday 21st March 2024 11:00-11:25 Click here to join the meeting

If you would like to speak to the hiring manager informally prior to the closing date for applications to find out more about the job, please contact clara.martin-moss@hmtreasury.gov.uk

Person specification

We are looking for the below skills, experience and behaviours and we will ask you to demonstrate these in your application form. Please review the Candidate FAQ document that is attached to the advert for guidance on how to complete your application form.

1. An ability to clearly communicate results and their implications to non-technical audiences (Communicating and influencing)
2. Take responsibility for delivering timely and quality results with focus and drive. (Delivering at pace)
3. Strong analytical skills and capability in using the tools and techniques relevant to the economics profession (Technical Skill)

The lead criterion is: Communicating and Influencing. If we receive large volumes of applications, we will conduct an initial sift on the lead criterion only.

Candidate Guidance Support Session 
 
We will be running an overview of Success Profiles and the STAR approach; top tips for the application and interview process and an opportunity to ask general questions around our recruitment practices. If you would like to join us, then use the link below to join the call at the right time. 

Tuesday 19th March 2024 17:00 - 17:45 

Click here to join the meeting

Benefits

Alongside your salary of £39,500, HM Treasury contributes £10,665 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, Experience and Technical skills.

Recruitment Timeline 

• Closing date: 2nd April 2024
• Shortlisting: From 3 April 2024
• Interviews: W/C 15th April 2024

This timeline is indicative and may be subject to change. We will inform you if there is a substantial change to the recruitment timeline. 

If your contact details change at any time during the selection process, please ensure you update your Civil Service Jobs Profile. 

Please note that only applications submitted through Civil Service Jobs will be accepted.

Location-Based Reserve Lists 

You will be placed on a reserve list if your application is successful, but we cannot offer you a post immediately. Where more than one location has been advertised, candidates will be approached for roles in merit order according to the first preferred location stated on your application form. 

Please note that a place on the reserve list does not guarantee an offer. We would still encourage you to apply for other HM Treasury opportunities that you are interested in. If you are offered a role in your first preferred location and you decline the offer or you are unable to take up the post within a reasonable timeframe, you will be removed from the reserve list, other than in exceptional circumstances. 

Eligibility Statement  

A candidate is not eligible to apply for a role in the Civil Service if the application is made within a 5 year period following a dismissal for carrying out internal fraud against government. Checks will be performed as part of pre-employment checks in line with this. Please refer to the Candidate FAQ document attached to the advert for more information. 

Individuals appointed to the Treasury Group will be subject to National Security Vetting. To allow for meaningful checks to be carried out applicants will normally need to have lived in the UK for at least 3 out of the past 5 years. A lack of UK residency in itself is not always a bar to security clearance but the Department will need to consider eligibility on a case by case basis using all information that can be obtained following a successful application. 

Everyone working with government assets must complete Baseline Personnel Security Standard (BPSS) checks.  

For many roles, security clearance is also required. Successful candidates must meet the security requirements of the role before they can be appointed. The level of security clearance required for this role is Counter Terrorist Check (CTC)

Please read the Vetting Charter for information on what to expect during the vetting process and what will be expected from you.  

Many areas of your life may be explored during your vetting journey, and it is important that every individual, regardless of their background and experiences, should feel comfortable going through this personal process, whilst having confidence that it is fair, proportionate, and inclusive.  

These short videos address common concerns and preconceptions which applicants may have about national security vetting.  

If you have questions relating to security clearances, please contact HMTSecurityVetting@hmtreasury.gov.uk

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

Security

Successful candidates must meet the security requirements before they can be appointed. The level of security needed is counter-terrorist 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. The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.