The
UK Debt Management Office (or
DMO), was established on 1 April 1998. The DMO is responsible for carrying out the
Government'sHer Majesty's Government is the government of the United Kingdom. Under the Constitution of the United Kingdom, executive authority notionally lies with the monarch but is exercised in practice by her ministers...
debtGovernment debt is money owed by any level of government; either central government, federal government, municipal government or local government...
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.
In institutional terms, the DMO is legally and constitutionally part of
HM TreasuryHM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy.- History :...
, but as an executive agency, it operates at arm's length from Ministers.
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The
UK Debt Management Office (or
DMO), was established on 1 April 1998. The DMO is responsible for carrying out the
Government'sHer Majesty's Government is the government of the United Kingdom. Under the Constitution of the United Kingdom, executive authority notionally lies with the monarch but is exercised in practice by her ministers...
debtGovernment debt is money owed by any level of government; either central government, federal government, municipal government or local government...
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.
In institutional terms, the DMO is legally and constitutionally part of
HM TreasuryHM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy.- History :...
, but as an executive agency, it operates at arm's length from Ministers. The Chancellor of the Exchequer 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.
Prior to the establishment of the DMO, management of the Government's debt was undertaken by the
Bank of EnglandThe Bank of England is, despite its name, the central bank of the whole of the United Kingdom and is the model on which most modern, large central banks have been based. It was established in 1694 to act as the English Government's banker, and to this day it still acts as the banker for the UK...
on behalf of the Treasury. The change was implemented following the incoming Government's decision to give the Bank of England independence in setting monetary policy.
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