The UK Debt Management Office (DMO), was established on 1 April 1998. The DMO is responsible for carrying out the Government's debt 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 Treasury, 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 England 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.
Famous quotes containing the words debt, management and/or office:
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—William Shakespeare (1564–1616)
“Why not draft executive and management brains to prepare and produce the equipment the $21-a-month draftee must use and forget this dollar-a-year tommyrot? Would we send an army into the field under a dollar-a-year General who had to be home Mondays, Wednesdays and Fridays?”
—Lyndon Baines Johnson (1908–1973)
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Ease me with death by bidding me got too.
Oh, if it have, let my word work on me,
And a just office on a murderer do.
Except it be too late to kill me so,
Being double dead: going, and bidding go.”
—John Donne (1572–1631)