UK Debt Management Office (DMO)

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


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 part of the Government's measures to ensure the stability of the financial system and to protect ordinary savers, businesses and borrowers.

Lending to local authorities

The PWLB lending facility 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.

Gilt and Treasury Bill Reference Price Provision

The DMO ceased to produce daily reference prices for Gilts, Strips and Treasury bills with effect from 24 July 2017. More details here.


Scam, 'Phishing' and Fraudulent Activity

The UK Debt Management Office (DMO) is from time to time made aware of fraudulent e-mails, letters, telephone calls and other correspondence using known identities of the DMO. The DMO is a government agency and does not send correspondence or make telephone calls of this nature. If you receive correspondence of this type and have any reason to doubt its legitimacy, do not respond.

If you receive telephone calls or correspondence that purports to be from the DMO, CRND or PWLB, and want to inform the DMO please do so via You may also wish to contact your telephone supplier.

The DMO does not accept any responsibility for any loss or damage arising from contact with such correspondence.