Deputy Director - Fiscal Group, Debt and Reserves Management

Job summary

If you’re interested in making a difference to people’s lives, the Treasury can offer you an exciting opportunity to influence decision making that affects the whole of the UK. Working at the heart of government, we collaborate across government to promote responsible public spending and drive strong and sustainable economic growth.

Our work ranges from protecting customers through the regulation of the financial sector, helping to reduce carbon emissions and creating a greener economy, to promoting British trade around the world and supporting people across the country on jobs, growth and more.

We are part of the Darlington Economic Campus, a cross-government hub bringing people together to tackle key national issues while working closer to the communities we serve.

Job description

This is a varied and challenging role with accountabilities covering macroeconomic and financial stability policy, operations, budgets, financial and balance sheet management across many different aspects of government assets and liabilities. The role would suit those with experience working in economics and/or finance, financial markets, though this expertise can also be developed in the role. The role requires the experience and ability to establish strong and positive working relationships with senior leaders in our partner organisations and capability to steer and lead technical analytical and policy problems.

This role will work alongside another co-Deputy Director for the team (also currently being recruited), working closely together to jointly lead the whole team. It is a large team with a complex and overlapping set of responsibilities, and so strong leadership experience and skills is required to make the co- Deputy Director structure work effectively for the team.

The accountabilities are:

1. Lead Treasury’s role in policy development and ministerial advice on government financing from conventional debt instruments by the Debt Management Office, ensuring value for money, efficient and smooth financing of wholesale government debt. Lead Treasury’s sponsorship of the DMO.
2. Lead the team’s work on financial markets, including a) monitoring and assessing developments in financial markets, including in gilts and wider sterling rates markets, ensuring the provision of timely, relevant information and advice to senior officials and Ministers; and b) delivering ministerial and senior official engagement with financial market participants.
3. Lead the 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.
4. Oversee the team’s role in representing the Treasury’s interests as shareholder of the Bank of England, through work to monitor risk exposure to the Bank’s balance sheet and its implications for the Bank’s capital, as part of guardianship of the Memorandum of Understanding on the Financial Relationship between Treasury and the Bank.
5. Lead the team’s work on the governance of the indemnified Asset Purchase Facility and policy to indemnify any Bank of England interventions in crises.
6. Jointly lead and develop a diverse, inclusive and highly motivated team, ensuring the team has the right capabilities to deliver its responsibilities.
7. Play an active role in the Fiscal Group Management Team promoting a positive culture in the Group, including supporting staff engagement and wellbeing. Show a clear commitment to promoting diversity, inclusion and belonging in the team and Group.

Candidate Drop-In Session
We will be running a candidate drop-in session for this role to give you greater insight about the role as well as the chance to learn more about HM Treasury and the recruitment process. If you would like to join us, then use the appropriate link below to join the call at the right time.

22 May – 12:00 to 12:30 – Join the meeting here

If you would like to speak to the hiring manager informally prior to the closing date for applications to find out more about the job, please contact stephen.farrington@hmtreasury.gov.uk.

Visa sponsorship is not available for this role.

Person specification

While in post, the successful candidate will be expected to perform well across the full range of Senior Civil Service behaviours set out in the Success Profile framework and demonstrate commitment to Civil Service values.

The essential criteria for the purpose of selection are:

• Leadership: a proven track record of leading high-performing, inclusive teams to deliver in a complex, fast paced environment
• Working Together: ability to bring strong and collaborative working relationships with senior leaders from different organisations.
• Making Effective Decisions: evidence of the ability to lead teams to develop analysis and creative policy solutions to complex problems.
• Communicating and Influencing: evidence of the ability to clearly communicate technical analysis and options to senior decision makers.

Behaviours

We'll assess you against these behaviours during the selection process:

• Communicating and Influencing
• Delivering at Pace
• Leadership
• Making Effective Decisions
• Working Together

Technical skills

We'll assess you against these technical skills during the selection process:

• Knowledge of financial markets

Benefits

Alongside your salary of £81,000, HM Treasury contributes £23,465 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.

• Generous Annual Leave - 25 days (rising to 30 after 5 years), plus public holidays and the King’s birthday.
• Outstanding Pension Scheme - Defined Benefit pension with employer contributions of 28.97%
• Parental Leave Packages - Including 6 months’ occupational pay for maternity/adoption, shared parental leave options.
• Flexible & Hybrid Working - Options include part-time, job-share, compressed hours, flexitime, and hybrid working (where business needs allow).
• Advance Schemes & Discounts - Rental deposit, cycle-to-work, SmartTech, season ticket loans, and access to HM Treasury’s benefits portal for a wide range of discount codes.

You can review HM Treasury’s full offer here.

Things you need to know

Artificial intelligence

Artificial intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance (opens in a new window) for more information on appropriate and inappropriate use.

Selection process details

This vacancy is using Success Profiles (opens in a new window), and will assess your Behaviours, Experience and Technical skills.

How to Apply

Applications should consist of a CV (of no more than 3 sides) and a max 1000-word personal statement demonstrating evidence of how you meet the skills, behaviours and experience detailed in the person specification.

Please note that only applications submitted through Civil Service Jobs will be accepted.

Applications will be reviewed by the panel to select those which demonstrate the best fit with the post against the criteria set out in the person specification.

Staff Engagement Panel Exercise

If you are shortlisted, you will be asked to take part in a staff engagement panel exercise. This assessment will not result in a pass or fail decision. Rather it is designed to support the panel’s decision making and highlight areas for the panel to explore further at interview. Further details on this assessment will be provided to shortlisted candidates in due course.

Interview Stage

Candidates will be invited to an interview in order to have a more in-depth discussion of previous experience and professional competence. The criteria that will be assessed at interview are:

• Experience
• Technical Skill - knowledge of financial markets
• Behaviours: Communicating and Influencing, Delivering at Pace, Leadership, Making Effective Decisions, Working Together

The interview will include a presentation. Details of this will be provided to successful candidates nearer the time.

Candidate Guidance

Please review the candidate guidance for an overview of the Success Profiles and STAR approach, along with top tips for applications and interviews.

Recruitment Timeline

• Closing date: 25 May
• Shortlisting: from 25 May
• Staff Engagement Panel: w/C June
• Interviews: w/c 15 June

This timeline is indicative and may be subject to change. We will inform you if there is a substantial change to the recruitment timeline.

If your contact details change at any time during the selection process, please ensure you update your Civil Service Jobs Profile.

Reserve Lists

You will be placed on a reserve list if your application is successful, but we cannot offer you a role immediately. Where more than one location has been advertised, candidates will be posted in merit order by location. You will be asked to provide your location preference on your application form. Please note that a place on the reserve list does not guarantee an offer.

If you are offered a role in your first preferred location and you decline the offer or are unable to take up the post within a reasonable timeframe, you will be removed from the reserve list, other than in exceptional circumstances.

Those on the reserve list may also be approached for similar roles at a lower grade. If you are offered a role at a lower grade and choose to decline, you can remain on the reserve list.

Internal Fraud Database Check

Candidates cannot apply to roles in the Civil Service if the application is made within a 5-year period following a dismissal for carrying out internal fraud against government.

Successful candidates will be subject to a check on the Internal Fraud Database. This check will provide information about employees who have been dismissed for fraud or dishonesty offences. This also applies to those who resign or otherwise leave before being dismissed for fraud or dishonesty offences had their employment continued. Any applicant’s details held on the database will be refused employment.

National Security Vetting

Everyone working with government assets must complete Baseline Personnel Security Standard (BPSS) checks. Additionally, successful candidates will be subject to National Security Vetting. The level of security vetting required for this role is Security Check (SC).

To allow for meaningful checks to be carried out, applicants will need to have lived in the UK for at least 3 out of the past 5 years. You will be asked to provide residency information within your application form, and eligibility for national security vetting will be checked once the advert closing date has passed. In certain circumstances, for example if you have been working abroad on a government posting, a lack of residency would not be a bar to security clearance however the Department will need to consider eligibility on a case-by-case basis once the advert closing date has passed.

Feedback will only be provided if you attend an interview or assessment.This role has a minimum assignment duration of 3 years. An assignment duration is the period of time a Senior Civil Servant is expected to remain in the same post to enable them to deliver on the agreed key business outcomes. The assignment duration also supports your career through building your depth of expertise.

As part of accepting this role you will be agreeing to the expected assignment duration set out above. This will not result in a contractual change to your terms and conditions. Please note this is an expectation only, it is not something which is written into your terms and conditions or indeed which the employing organisation or you are bound by. It will depend on your personal circumstances at a particular time and business needs, for example, would not preclude any absence like family friendly leave. It is nonetheless an important expectation, which is why we ask you to confirm you agree to the assignment duration set out above.

Security

Successful candidates must undergo a criminal record check.Successful candidates must meet the security requirements before they can be appointed. The level of security needed is security check (opens in a new window).

See our vetting charter (opens in a new window).People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window).The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.

Diversity and Inclusion

The Civil Service is committed to attract, retain and invest in talent wherever it is found. To learn more please see theCivil Service People Plan (opens in a new window) and the Civil Service Diversity and Inclusion Strategy (opens in a new window).

Apply and further information

This vacancy is part of the Great Place to Work for Veterans (opens in a new window) initiative.The Civil Service welcomes applications from people who have recently left prison or have an unspent conviction. Read more about prison leaver recruitment (opens in new window).Once this job has closed, the job advert will no longer be available. You may want to save a copy for your records.

Contact point for applicants

Job contact :

• Name : Stephen Farrington
• Email : stephen.farrington@hmtreasury.gov.uk

Recruitment team

• Email : hrrecruitment@hmtreasury.gov.uk

Further information

Complaints Process: Our recruitment process is underpinned by the principle of appointment based on fair and open competition and appointment on merit, as outlined in the Civil Service Commissioners’ Recruitment Principles. If you feel your application has not been treated in accordance with these principles and you wish to make a complaint, you should in the first instance contact HMT by email at: hrrecruitment@hmtreasury.gov.uk. If you are not satisfied with the response you receive, you can contact the Civil Service Commission, which regulates all Civil Service recruitment.

Attachments

460454 - Role Profile Opens in new window (pdf, 106kB)