Head of Monetary Policy

HM Treasury

Apply before 11:55 pm on Wednesday 27th January 2021


Reference number



£52,500 - £57,000
If the successful candidate is a current Civil Servant joining on level transfer, HM Treasury will honour their current substantive salary if higher.


Grade 7
Range E

Contract type


Business area

HMT - Fiscal

Type of role


Working pattern

Flexible working, Full-time, Part-time

Number of posts



City of Westminster, London, SW1A 2HQ

About the job


About HM Treasury:

The Treasury is the United Kingdom’s economics and finance ministry. It is responsible for formulating and implementing the government’s financial and economic policy. Its aim is to raise the rate of sustainable growth, and achieve rising prosperity and a better quality of life with economic and employment opportunities for all.

Job description

About the Group
The Fiscal group is responsible for ensuring the sustainability of the public finances, over both the medium term and the long term, and for setting short-term fiscal policy so that it meets the government’s economic objectives for stability and growth. Operationally, it ensures that government’s financing needs are met, over both the short and medium term.

About the Team
The recently established Macroeconomic Policy (MP) team is responsible for developing the department’s thinking and advising ministers on macroeconomic policy. This includes short-term fiscal policy and monetary policy strategy. We work across Fiscal and Economics groups.

Key Accountabilities
This post offers an excellent opportunity for candidates looking to work on an exciting range of topics and develop a broad range of skills. The post holder will be joining an energetic community of analysts and policy advisers.

Key responsibilities include:
1. Advising the Chancellor, Special Advisers and the Treasury’s Executive Management Board (EMB) on the evolution of the UK’s monetary policy framework. Explore policy options for the remit of the Monetary Policy Committee (MPC) to support the delivery of the government’s economic objectives, and the implications of trends, such as low structural interest rates.
2. Advising the Chancellor and EMB on UK monetary policy developments. Including changes in the stance of monetary policy (including unconventional monetary policy such as Quantitative Easing) and the consequences for the government’s economic and fiscal objectives.
3. Ensuring the coordination of monetary and fiscal policy by supporting the Chief Economic Advisor in their role as Treasury representative to the MPC and the Chancellor’s discussions with the Governor of the Bank of England.
4. Leading the branch’s analysis on the economic and operational implications of monetary policy decisions, and potential future monetary policy tools.
5. Supporting the Treasury’s Chief Economic Advisor in appointing external members to the MPC. This involves designing and running a fair, open and competitive recruitment process.
6. Developing and maintaining engagement with the Bank of England staff.
7. Line managing one Range D - providing leadership, support and stretching opportunities.
If you wish to discuss the post in more detail, the line manager (Matt Richmond, matthew.richmond@hmtreasury.gov.uk) would be delighted to chat with you!


Required Qualifications:
1. Economics qualification to at least an undergraduate level, or equivalent

Required Behaviours, Experience and Technical Skills:
1. Ability to work independently and manage a varied workload in a fast-paced environment, successfully progressing short-term and long-term priorities at the same time. (Delivering at pace)
2. Proven experience of leading and delivering high quality advice and analysis. (Making effective decisions)
3. Ability to understand the broader strategic context and keep on top of a wide range of issues when making decisions in your policy area. (Seeing the big picture)

The lead criteria is: Delivering at pace

If we receive a large number of applications, applications will be assessed against this criteria alone first. They will then be assessed against the other criteria if they have met the minimum score on the lead criteria.

Recruitment timeline:
Closing date: 27th January 2021
Sifting: 28th January 2021
Interviews: W/C 8th February 2021


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

  • Delivering at Pace
  • Making Effective Decisions
  • Seeing the Big Picture
  • Communicating and Influencing
  • Working Together

We only ask for evidence of these behaviours on your application form:

  • Delivering at Pace
  • Making Effective Decisions
  • Seeing the Big Picture


Flexible working arrangements:

HM Treasury views flexible working as essential in enabling us to recruit and retain talented people, ensuring that they are able to enjoy a long-lasting career with us. All employees have the right to apply for flexible working and there are a range of options available including; working from home, compressed hours and job sharing. Additionally, we operate flexitime systems, allowing employees to take up to an additional 2 days off each month, providing you work enough hours to meet business need.

We also offer a generous maternity/ paternity and adoption leave package.

At HM Treasury we have an incredibly broad remit; our work touches every citizen of the country. So, it’s important our employees come from the widest possible range of backgrounds, bringing us the widest possible range of perspectives and ways of thinking. We are committed to ensuring that all staff are able to realise their potential and achieve a healthy work-life balance.


• 25 days’ annual leave (rising to 30 after 5 years), plus 8 public holidays and the Queen’s birthday (unless you have a legacy arrangement as an existing Civil Servant)
• Flexible working patterns (part-time, job-share, condensed hours)
• Access to a generous Defined Benefit pension scheme with employer contributions.
• Onsite restaurant and coffee bar. The London office also offers a gym, showers and prayer room
• Access to a cycle-to-work salary sacrifice scheme, season ticket advances and payroll giving
• Access to a retail discounts and cashback site
• A Rental Deposit Advance Scheme to help meet the total costs of deposits for privately rented homes
• A range of active staff networks, based around interests (e.g. analysts, music society, sports and social club) and diversity (e.g. women in the Treasury, ethnic minority network, LGBT* network, faith and belief network)

Things you need to know


Successful candidates must meet the security requirements before they can be appointed. The level of security needed is counter-terrorist check.
People working with government assets must complete basic personnel security standard checks.

Selection process details

This vacancy is using Success Profiles, and will assess your Behaviours and Strengths.
As part of our pre-employment security checks, if you are invited to interview and are not a current HM Treasury member of staff, you will need to bring:
• Proof of identity, e.g. your passport or driver’s license. Documents must be in date and valid.
• Proof of address, e.g. a utility bill or bank statement issued within the past 3 months
• Proof of your National Insurance (NI) number, e.g. letter from DWP confirming your NI number, or P60
• If you do not bring a UK or EU passport, you will need to bring other documentation of your right to work in the UK, e.g. your visa, biometric residence permit or birth certificate.

Further details regarding acceptable documents will be provided in the invitation to interview.

Please let us know if your contact details change at any time during the selection process.

Eligibility Statement
Individuals appointed to the Treasury Group will be subject to National Security Vetting. To allow for meaningful checks to be carried out applicants will normally need to have lived in the UK for at least 3 out of the past 5 years. A lack of UK residency in itself is not always a bar to security clearance but the Department will need to consider eligibility on a case by case basis using all information that can be obtained following a successful application.

Feedback will only be provided if you attend an interview or assessment.

Nationality requirements

This job is broadly open to the following groups:

  • UK nationals
  • nationals of Commonwealth countries who have the right to work in the UKs
  • nationals of the Republic of Ireland
  • nationals from the EU, EEA or Switzerland with (or eligible for) status under the European Union Settlement Scheme (EUSS)
  • relevant EU, EEA, Swiss or Turkish nationals working in the Civil Service
  • relevant EU, EEA, Swiss or Turkish nationals who have built up the right to work in the Civil Service
  • certain family members of the relevant EU, EEA, Swiss or Turkish nationals
Further information on nationality requirements

Working for the Civil Service

The Civil Service Code 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.
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.

Apply and further information

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 :  Matthew Richmond
Email :  Matthew.richmond@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.

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