Debt Management Office (United Kingdom)
Type | Government agency |
---|---|
Region served | United Kingdom |
Chief Executive | Robert Stheeman |
Parent organisation | HM Treasury |
Staff (2021) | 113[1] |
Website | www |
The Debt Management Office (DMO) of the United Kingdom is the
Purpose
The DMO is responsible for day-to-day management of the
It also manages the Public Works Loan Board and the Commissioners for the Reduction of the National Debt.
Legal responsibility
In institutional terms, the DMO is legally and constitutionally part of HM Treasury as an executive agency. The Minister ultimately responsible for the DMO is the Chancellor of the Exchequer, 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 to the DMO. This re-organisation followed the transfer of operational responsibility for setting official UK interest rates from HM Treasury to the Bank of England in May 1997.[2]