UK Debt Management Office (DMO)
Managing Director, Financing Strategy

About the Debt Management Office

The UK Debt Management Office (DMO) is an Executive Agency of His Majesty's Treasury. We are responsible for debt and cash management for the UK Government, local authority lending operations and managing certain public sector funds.

The DMO's remit is to carry out the Government's debt management policy of minimising financing costs over the long term, taking account of risk, and to minimise the cost of offsetting the Government's net cash flows over time, while operating within a risk appetite approved by Ministers in both cases.

Since its establishment in 1998, the DMO has successfully established itself as an integral part of wholesale financial markets, raising in excess of £3.7 trillion in total gilt issuance, while annual turnover in its cash management operations is currently around £5 trillion.

Financing Strategy

As the Government’s debt and cash manager, the DMO aims, with HM Treasury, to lead, develop and deliver the Government’s debt, cash, and balance sheet management objectives. It also administers the Public Works Loan Board (PWLB) lending facility to local government and provides fund management services for a number of public sector clients.

The DMO's financing remit is set annually by HM Treasury and published ahead of each financial year, subject to in-year revisions. The remit specifies the annual total of gilt sales for the financial year and the breakdown between index-linked and conventional gilts, as well as maturity splits for conventional gilts, and the amount of green gilt issuance.

The DMO conducts its cash management operations in the sterling money markets by a combination of bilateral trades with counterparties and the issuance of Treasury bills, which are marketable sterling zero-coupon instruments. DMO also provides direct access for local authorities into a government deposit facility known as the DMADF.