Deputy Director - Debt and Reserves Management

Working Pattern: This post is available on a full-time, part-time or job-share basis, and flexible working hours can be accommodated.

Location: London or Darlington

Are you ready to shape the UK government’s approach to debt, reserves and financial markets? In this high-impact leadership role, you will help steer decisions at the heart of the Treasury, working with Ministers, senior officials and key institutions including the Bank of England, the Debt Management Office and National Savings & Investments. If you bring strong leadership, sound judgement and an interest in complex economic and financial policy, this is an opportunity to make a real difference.

About the Team: Fiscal Group works on some of the Treasury’s most important priorities, including the sustainability of the public finances, the macroeconomic framework, and the financing of government liabilities. The team supports major fiscal events such as Budgets and advises on borrowing, debt, guarantees and other financial commitments. We work closely with colleagues across the Treasury and with partners including the Office for Budget Responsibility, the Bank of England and the Office for National Statistics. We value a broad mix of skills and backgrounds, and we are proud of the diversity of our people. The Debt & Reserves Management team is a 28‑person team with responsibility for some of the government’s most significant financial activities. The team helps ensure government can raise finance efficiently through the gilt market and retail savings, manages key relationships with the Debt Management Office, National Savings & Investments and the Bank of England, and oversees important assets such as the UK’s foreign exchange reserves. It also supports the supply of cash across the economy.

About the Job: In this role, you will:

• Lead Treasury’s role in policy development and ministerial advice on government financing through conventional debt instruments issued by the Debt Management Office, ensuring value for money and the efficient, smooth financing of wholesale government debt.
• Lead Treasury’s sponsorship of the DMO.
• Lead the team’s work on financial markets, including monitoring and assessing developments in financial markets, including gilts and wider sterling rates markets, and ensuring timely, relevant information and advice is provided to senior officials and Ministers; and supporting ministerial and senior official engagement with financial market participants.
• Lead oversight of the management of the government’s foreign exchange reserves held in the Exchange Equalisation Account, working with the Bank of England as management agent and supporting the Treasury’s Chief Economic Adviser.
• Oversee the team’s role in representing Treasury’s interests as shareholder of the Bank of England, including monitoring risk exposure to the Bank’s balance sheet and the implications for its capital, as part of guardianship of the Memorandum of Understanding on the Financial Relationship between Treasury and the Bank.
• Lead the team’s work on the governance of the indemnified Asset Purchase Facility and policy on indemnifying any Bank of England interventions in crises.
• Jointly lead and develop a diverse, inclusive and highly motivated team, ensuring it has the right capabilities to deliver its responsibilities.
• Play an active role in the Fiscal Group Management Team, promoting a positive culture across the Group, including staff engagement and wellbeing.
• Show a clear commitment to diversity, inclusion and belonging in the team and wider Group.

This is a high-impact role spanning macroeconomic and financial stability policy, government financing and balance sheet management. It would suit someone with experience in economics, finance or financial markets, and the ability to build strong relationships, lead complex analysis and shape policy with confidence. You will work alongside a co‑Deputy Director to lead a large, high‑performing team across a broad and connected portfolio.

About You: We’re looking for people who can lead inclusive, high‑performing teams in a complex and fast‑paced environment, build strong relationships with senior leaders across organisations, develop clear and creative solutions to difficult policy challenges, and communicate technical analysis with confidence and clarity to senior decision‑makers.

Some of the Benefits our people love:

• 25 days annual leave (rising to 30 after 5 years), plus 8 public holidays and the King’s birthday (unless you have a legacy arrangement as an existing Civil Servant).
• Additionally, we operate flexitime systems, allowing employees to take up to an additional 2 days off each month.
• Flexible working patterns (part‑time, job‑share, condensed hours).
• Generous parental and adoption leave packages.
• Access to a generous Defined Benefit pension scheme with employer contributions of 28.97%.
• Access to a cycle‑to‑work salary sacrifice scheme and season ticket advances.
• A range of active staff networks, based around interests (e.g. analysts, music society, sports and social club) and diversity.