The UK Debt Management Office (DMO) is the

executive agency An executive agency is a part of a government department that is treated as managerially and budgetarily separate, to carry out some part of the executive functions of the United Kingdom government, Scottish Government, Welsh Government or N ...

responsible for debt and cash management for the

UK Government ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_est ...

, 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 Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...

. 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 The Public Works Loan Board (PWLB) ( cy, Bwrdd Benthyciadau Gwaith Cyhoeddus) was a statutory body of the UK Government that provided loans to public bodies from the National Loans Fund. In 2020, the PWLB was abolished as a statutory organisation, a ...

and the

Commissioners for the Reduction of the National Debt The Commissioners for the Reduction of the National Debt (CRND) is a statutory body of the UK Government, whose main function is the investment and management of government funds. The current Comptroller General is Jo Whelan. History The CRND was ...

Legal responsibility

In institutional terms, the DMO is legally and constitutionally part of

HM Treasury His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a Departments of the Government of the United Kingdom, department of Government of the United Kingdom, His Majesty's Government ...

as an

. The Minister ultimately responsible for the DMO is the

Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Ch ...

, 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 The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...

to the DMO. This re-organisation followed the transfer of operational responsibility for setting official UK interest rates from

to the

in May 1997.

References

External links

*
7th IMF Debt Management Forum, Brian Olden, IMF/FAD
{{Economy of the United Kingdom United Kingdom national debt Organisations based in the City of London Executive agencies of the United Kingdom government 1998 establishments in the United Kingdom