Policy Analyst x 2: Debt and Reserves Management

Job summary

Working at HM Treasury puts you at the heart of government, making a difference to the UK economy and ultimately to people’s lives right across the UK.

Jobs at the Treasury are fast-paced, fun and can offer unparalleled perspective – not least the opportunity to advise Ministers on the decisions which directly determine the UK’s prosperity. Deep in our DNA is a commitment to empowering our people: maximising individual and collective impact, with interesting work no matter your role or seniority.

Day-to-day you could be supporting Ministers to decide the right level of a specific tax or line of government spending; helping maintain the stability of financial markets; analysing the long-term trends impacting the future of the economy; or enabling this work as part of our vital corporate functions.

We are a high-performing department and proud to have outstanding staff from a wide range of backgrounds. We are also a friendly, inclusive and sociable workplace that prides itself on fostering great team spirit. Our two largest offices are 1 Horse Guards Road in London, opposite St James’ Park, and the Darlington Economic Campus, which also contains eight other departments. We work seamlessly across all our sites, including Norwich, Birmingham and Leeds, as one Treasury.

We are both a 1,000-year-old institution and dynamic, forward-looking economics and finance ministry, with a strong direction set by our organisational strategy, the Future Treasury Vision. The 21st century offers huge opportunities and poses new challenges for the UK. Working at the Treasury is your chance to help the country chart the right course.

Job description

We are recruiting for two stretching and engaging policy analyst roles in the Debt and Reserves Management (DRM) Team.

Role 1: Policy Analyst - Cash Management and Financial Markets

The role is part of the Debt Liabilities Branch in the Debt and Reserves Management (DRM) Team. We are responsible for advising ministers on debt and cash management policy, working closely with the Debt Management Office to ensure the government can raise the money it needs to fund public services both over the course of a year and on a day-to-day basis. You will also work closely with the Financial Markets Monitoring Pool, which operates across the Debt and Reserves Management Team, providing analysis to senior officials and Ministers on financial market movements and trends.

The postholder will have the opportunity to apply analytical thinking to a very technical policy area with significant ministerial interest, while working closely with some of HM Treasury’s most important stakeholders – the Bank of England, the Debt Management Office, and external market participants. The postholder will need to show an interest in the policy area, be willing to learn quickly, and get stuck into technical detail from the outset.

Key responsibilities:

1. Support DRM's financial market monitoring by delivering real-time financial market updates to senior officials. This will include leading timely and high-quality analytical research on financial markets, advising on high-priority workstreams with relevance to financial market outcomes, demonstrating thought leadership on financial markets in the department, and contributing to broader fiscal strategy work – particularly around fiscal events.
2. Coordinate and manage regular high-profile meetings between the Chancellor and market participants through market engagement groups. The postholder will lead on briefing and logistics for these meetings.
3. Advise senior officials and ministers on the government’s suite of cash management tools – including the gilt repo market, and gilt and treasury bill issuance – and supervise the DMO’s implementation of its cash management remit. The postholder will build expertise in wider areas of government policy where they interact with cash management policy and gilt/cash markets, shaping policy developments accordingly.
4. Build and maintain strong working-level relationships with key stakeholders at external institutions, such as the Bank of England and Debt Management Office, and work with colleagues across HMT to support policy changes related to cash management and financial markets.
5. Play an active role in the wider corporate agenda of DRM and the Fiscal Group.

Role 2: Policy Analyst - Bank Shareholder Unit

This role is part of the Bank Shareholder Unit in the Debt and Reserves Management (DRM) Team. We are responsible for the government’s interest as sole shareholder in the Bank of England – providing challenge on the Bank’s finances and capital position at a crucial time of change for the Bank, as well as taking a leading role in projects that impact its future balance sheet. The postholder will primarily work on the future of the Bank of England’s balance sheet but will need to show flexibility across a varied portfolio of substantive project work, as well as contributing to HM Treasury’s wider financial market monitoring function. As with the role above, much of the work in this role is technically complex, and so the successful candidate will need to get stuck into the detail from the outset, exercise sound judgement, work effectively with Bank of England colleagues, and show thought leadership to ensure HM Treasury’s priorities are reflected in outputs.

Key responsibilities:

1. Coordinate and play a leading role in HM Treasury’s input to implementing measures announced in September 2026 regarding changes to the bank notes part of the Bank of England’s balance sheet. This will include implementing the relevant legislative strategy to facilitate the changes, ensuring HMT and the Bank are operationally prepared, maintaining the governance framework to enable sound risk monitoring and responding to Parliamentary inquiries.
2. Work with colleagues across the department to support HMT’s contingency planning for Bank of England financial stability interventions, developing related policy to improve preparedness and analysing fiscal impacts so interventions can be delivered effectively if required.
3. Lead the branch’s analytical input on the normalised Bank balance sheet, accounting for Quantitative Tightening and the resulting demands on Bank capital from its lending operations. This will include analysing the effects and risks of the Bank’s shift to a demand-driven, repo-led framework to supply reserves, synthesising technical material from the Bank and markets, and producing concise advice for seniors.
4. Leading the Bank sponsor branch function for Court (the Bank’s equivalent of Board) and Executive engagement, overseeing quarterly finance reporting and meetings, biannual capital monitoring and ad-hoc requests from across the Bank’s functions.
5. Support DRM's financial market monitoring by delivering real-time financial market updates to senior officials, working on timely and high-quality analytical research related to financial market developments.
6. Playan active role in the wider corporate agenda of DRM and the Fiscal Group

Candidate Drop-In Session

The hiring manager will be running a candidate drop-in session to give you greater insight about the role and HM Treasury, and ask any questions you might have. If you would like to join us, use the link below to join the call at the right time.

Tuesday 3rd November 12-12:30 - Click the Link to Join

If you would like to speak to the hiring manager informally prior to the closing date, please contact Josh.Pickard@hmtreasury.gov.uk (Cash Management & Financial Markets) or Edward.Furst@hmtreasury.gov.uk (Bank Shareholder Unit)

Visa sponsorship is not available for this role.

Person specification

Application Form

Applications should consist of a CV including your employment history, and a 250-word statement demonstrating evidence of each of the below shortlisting criteria. Your CV and employment history won’t be scored. It’s used to give context to your application and support discussions at interview.

The panel will review applications and invite those that best demonstrate evidence of the shortlisting criteria below for interview. Please keep this in mind when writing your application.

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

1. Technical – experience with economic or financial market analysis.
2. Behaviour: Making Effective Decisions – the ability to use evidence, judgement and analysis to make clear recommendations on complex policy questions.
3. Behaviour: Communicating and Influencing – the ability to explain complex issues clearly to a range of audiences.
4. Behaviour: Delivering at Pace – the ability to manage competing priorities, respond flexibly to urgent commissions and maintain momentum on longer-term policy projects.

The lead criterion is: Technical

If we receive a high volume of applications, we’ll first sift using the lead criterion only. Those meeting the minimum score will then be assessed against all remaining criteria.

Interview Stage

At interview stage, you will be assessed on the below criteria:

• Strengths
• Technical - experience with economic or financial market analysis
• Behaviours:
  • Making Effective Decisions
  • Communicating and Influencing
  • Delivering at Pace

Interview Task / Presentation

Prior to your interview, we will contact you about a task / presentation that the panel would like you to deliver as part of the assessment. Further details will be communicated to you nearer the time.

Behaviours

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

• Making Effective Decisions
• Communicating and Influencing
• Delivering at Pace

Technical skills

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

• Experience with economic or financial market analysis

Benefits

Alongside your salary of £36,130, HM Treasury contributes £10,466 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides (opens in a new window).

• 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.
• 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 discounts.
• Flexible & Hybrid Working - Options include part-time, job-share, compressed hours, flexitime, and hybrid working.

Hybrid working: HM Treasury operates an office based working approach across all Treasury sites. There is an expectation of a minimum of 60% attendance in the office. Please be aware that this role can only be worked in the UK and not overseas.

The office working expectation is linked to the location of the role. If you apply to a post in a single location, then you will not be able to meet this expectation at any of our other sites or move your role to another location. Some roles may not be suitable for hybrid working, it will be stated in the role profile if the role cannot accommodate this.

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, Strengths, Experience and Technical skills.

The reference to Experience above is system generated. For this role, experience is not assessed at any stage. We will ask for some CV details in your application form, but this is for reference only and will not be scored.

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: 8th November 2026
• Shortlisting: w/c 9th November 2026
• Interviews: w/c 23rd November 2026

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.

Security

Successful candidates must undergo a basic (or equivalent) 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 : Josh.Pickard@hmtreasury.gov.uk and Edward.Furst@hmtreasury.gov.uk
• Email : Josh.Pickard@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

Role Profile 486595 Opens in new window (pdf, 135kB)