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UK Debt Management Office (DMO)

The DMO is an Executive Agency of Her Majesty's Treasury. The DMO's responsibilities include debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

Welcome to the UK DMO

Gilt Market

Gilts are marketable sterling government bonds issued by the DMO on behalf of the UK Government as part of its debt management responsibilities.

Money Markets

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.

Guarantee Schemes

The Guarantee Schemes are administered by the DMO on behalf of HM Treasury.

Lending to local authorities

The Public Works Loan Board (PWLB) is a statutory body operating within the DMO and is responsible for lending money to local authorities and other prescribed bodies, as well as for collecting the repayments.

Managing public sector funds

The statutory functions of the Commissioners for the Reduction of the National Debt (CRND) are carried out in the DMO. The CRND’s main responsibility is the investment and management of government funds.


The DMO's remit is set annually by HM Treasury and published alongside the Budget each year. It can be revised in April and again at Autumn Statement. The remit specifies the annual total of gilt sales planned for the financial year and the breakdown between index-linked and conventional gilts - and within conventional gilts the maturity split between short, medium and long maturities.

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