Deputy Director, Debt and Reserves Management team

Are you interested in playing an important role in a key government Department that offers an exciting opportunity to be part of the decision making that affects the whole of the UK? We are seeking a highly motivated individual to join our Debt & Reserves Management (DRM) team. 

The team comprises 28 people, with a fascinating range of responsibilities.

About the Team

The 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.

The Debt & Reserves Management (DRM) team  ensures the government can effectively and efficiently raise the finance it needs to fund public services through the gilt market and from retail savers, working with the Debt Management Office and National Savings & Investments. The team is responsible for Treasury’s financial relationship with the Bank of England. It manages key government assets such as the foreign exchange reserves, working with the Bank of England as its agent. It also works with the Royal Mint and Bank to ensure the supply of cash to the economy.

About the Job

In this role, you will:

·      Lead Treasury’s sponsorship and spending function of NS&I engaging with senior Board level leadership. Lead Treasury’s interests in the delivery of NS&I’s major business transformation programme and development of their customer remediation programme. Represent Treasury on NS&I’s Audit and Risk Committee, providing effective senior challenge.

·      Lead Treasury’s role in strategic policy development of sources of government financing from retail savings instruments by National Savings and Investments, ensuring value for money and efficient financing of government debt.

·      Lead Treasury’s policy work on innovative government debt financing, including the gilts and retail savings products under the Green Financing Framework, delivering the pilot digital ledger gilt, DIGIT, and overseeing the sovereign sukuk structure.

·      Lead the team’s work to ensure the effective and efficient distribution of cash across the economy, working with the Bank of England on the distribution of notes and with the Royal Mint on the distribution of coins. Oversee the Treasury’s coin contract with the Royal Mint.

·      Jointly lead and develop a diverse, inclusive and highly motivated team, ensuring the team has the right capabilities to deliver its responsibilities.

·      Play an active role in the Fiscal Group management team promoting a positive culture in the Group, including supporting staff engagement and wellbeing. Show a clear commitment to promoting diversity, inclusion and belonging in the team and Group.

About You

This is a varied and challenging role with accountabilities including: monitoring, challenging and supporting programme delivery and budgets; and setting strategic direction for developing sources of government financing. The role would suit those with experience of programme delivery, commercial acumen, and an understanding of financial markets, though the latter expertise can also be developed in the role. An ability to establish and maintain effective working relationships with senior leaders in our partner organisations (National Savings and Investment, Debt Management Office and Bank of England) is also essential.

Some of the Benefits our people love!

•                    Generous Annual Leave – 25 days (rising to 30 after 5 years), plus public holidays and the King’s birthday.

•                    Outstanding Pension Scheme – Defined Benefit pension with employer contributions of 28%

•                    Parental Leave Packages – Including 6 months’ occupational pay for maternity/adoption, shared parental leave options.

•                    Flexible & Hybrid Working – Options include part-time, job-share, compressed hours, flexitime, and hybrid working (where business needs allow).

•                    Advance Schemes & Discounts – Rental deposit, cycle-to-work, SmartTech, season ticket loans, and access to HM Treasury’s benefits portal for a wide range of discount codes.

For more information about the role and how to apply, please follow the apply link.

If you need any reasonable adjustments to take part in the selection process, please tell us about this in your online application form