About the DMO

The UK Debt Management Office (“DMO”) is an Executive Agency of Her Majesty's Treasury (“HMT”) responsible for financing the Government’s cash requirements and for Exchequer cash management. 

The DMO represents a unique interface between the Government and the City of London. 

As an organisation, the DMO merges public sector ethos and values with private sector operations.

DMO was established on 1 April 1998 and 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.

The DMO’s core business activities are:

• Debt management - which involves our financing the government’s expenditure needs by selling bonds (“gilts”) to our investment bank counterparties
• Exchequer cash management – which involves delivering the government’s day-to-day cash requirements which we undertake by trading in the money markets
• Lending to local authorities for capital purposes and
• Managing certain public sector funds

In institutional terms, the DMO is legally and constitutionally part of HM Treasury (HMT) and, 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, and delegates to the Chief Executive operational decisions on debt and cash management, and day-to-day management of the office.

Further details may be found below

Framework

https://www.dmo.gov.uk/media/8092/fwork040405.pdf

Strategic Objectives

https://dmo.gov.uk/media/17542/strategic-objectives-2021.pdf

Operational Targets

https://dmo.gov.uk/media/17541/operational-targets-2021.pdf