Role Of HM Treasury
A career with us puts you at the heart of government.
HM Treasury is the government’s economic and finance ministry. We maintain control over public spending, decide how money is raised from taxpayers, set the direction of the UK’s economic policy and work to achieve strong and sustainable economic growth.
Influencing every policy across government, our work makes headlines on a daily basis and shapes our nation’s future.
In recent years we have been at the forefront of key policy areas for the United Kingdom, including the financial packages available during the COVID-19 pandemic, the UK’s support for the Ukraine, and tackling the cost-of-living crisis.
Our specific priorities are:
- reducing the deficit and rebalancing the economy
- spending taxpayers’ money responsibly and ensuring value for money
- creating a simpler, fairer tax system – alongside a well-functioning welfare system
- creating stronger and safer banks
- making corporate taxes more competitive
- making it easier for people to access and use financial services
- improving regulation of the financial sector to protect customers and the economy
With this incredibly broad remit, our work touches every citizen of the country. To ensure our advice reflects the needs of all our communities, it’s important that our employees come from the widest possible range of backgrounds – bringing us the widest possible range of perspectives and ways of thinking. Our aim is to be an open and accessible department, recruiting and retaining talented, hard-working people from a diversity of backgrounds, who support and develop one another.
HM Treasury has a strong commitment to equality and diversity. We’re proud to be an accredited Disability Confident Leader. We also have a range of active diversity networks. Playing an important role in raising awareness and changing attitudes, the initiatives they’re implementing are helping us to build a more inclusive culture where everyone can thrive and be themselves at work.
If you want to learn more about who we are, what we do, and the day-to-day role of a Policy Adviser then join our insight session below. This will be held virtually on Microsoft Teams, open to all applicants, and will give you the opportunity to speak with some of our current staff about their experiences.
As part of our targeted outreach up north we are attending in-person University career days:
- York – 11th October – 11am – 3pm
- Sheffield – 24th October – 12am – 3pm
- Northumbria – 31st October – 10:30am – 3pm
- Sunderland – 07th November – 9:30am – 2pm
- Durham – 08th November – 2pm – 4pm
As one of our graduates, there are several Groups within HM Treasury that you may find yourself working in:
Business and International Tax
The Business and International Group (BIT) is one of 14 groups in the Treasury. The aim of the BIT Group is to provide strategic oversight of business, environmental, transport, property, VAT, excise taxes and customs duties that together raise revenue of over £250 billion a year. The Group works closely with other government departments and is outwards facing towards key stakeholders, including business, industry, interest groups and international counterparts, and there are opportunities to be part of this engagement at all levels.
The work of the Group is vital to fund essential public services, while working with other Treasury Groups to support the Government’s wider agenda – including supporting economy as it recovers from the impact of COVID-19; developing and negotiating new customs arrangements following the UK’s departure from the EU; levelling up opportunities across all parts of the United Kingdom; and delivering “Net Zero” carbon emissions by 2050.
The Group’s high-profile portfolio make it a highly dynamic, flexible and interesting place to work. BIT is committed to diversity and is proud to support a friendly and inclusive working environment. BIT values each individual and encourages development for all roles. Our work offers a range of opportunities to develop and we are increasingly working in a more flexible way, creating opportunities for staff, such as supporting those that want to undertake tax qualifications.
Economics
The Economics Group in the Treasury provide Ministers with analysis and assessment of fast-paced economic developments in the UK economy and advises on their implications for the Government’s economic strategy. It works with policy teams to factor economic analysis into advice for Ministers on a wide range of polices. And the Group is a leading member of the UK macroeconomic community, collaborating with the Bank, OBR and academia on shared topics of interest, liaising with international organisations in their surveillance of the UK economy and supporting the economic and social research professions across government departments.
Enterprise and Growth Unit
The Enterprise and Growth Unit (EGU) promotes sustainable economic growth and higher productivity for the UK. We provide analysis and advice on enterprise, innovation, private sector investment and a cost-effective transition to a low-carbon economy. The Enterprise and Growth Unit has a varied and exciting agenda and we work closely with a wide variety of other teams across the Treasury.
We also work alongside other departments and government organisations to ensure that we are thinking creatively, spending wisely and acting boldly to deliver these goals. These organisations are:
- the Department for Business, Energy & Industrial Strategy,
- the Department for Environment, Food & Rural Affairs,
- the Department for Transport,
- the Department for International Trade,
- the Department for Digital, Culture, Media & Sport, and
- the Competition and Markets Authority
Financial Services
The Financial Services Group advises the government on how to promote a stable and efficient financial services sector, to deliver excellent outcomes for consumers and business, enhance the UK’s position as a global hub for financial services and support economic growth across the country.
The financial services sector is important to the UK economy – providing significant numbers of jobs and making a large contribution to the UK’s economic output. It also provides essential services to individuals – for example, helping them to purchase goods with ease, buy their first home, and plan for their retirement. During the COVID pandemic, it played a critical role in supporting individuals and businesses – for example, in providing payment holidays for individuals and businesses affected by the pandemic and working with the government to deliver Bounce Back Loans.
We ensure that financial services businesses such as banks, investment firms, financial advisors and insurers are well-regulated. Ensuring firms treat customers fairly, customers have access to a range of financial services as a result of competition in the market, and there are appropriate remedies in place when things go wrong.
We work on a significant international agenda which includes promoting openness and trading links between the UK and countries all around the world, including through Free Trade Agreements and other international dialogues and negotiations. To do this we work closely with colleagues in offices overseas from the Foreign Commonwealth & Development Office and the Department for International Trade.
Working with stakeholders is key in Financial Services – for example, we work closely with the independent regulators to help them fulfil their roles, consult consumer groups on issues affecting them, and work with the sector on wider issues like the net-zero agenda.
Financial Stability
The Financial Stability Group advises government on ensuring the stability of the UK financial system and through that the stability of the UK economy. We monitor new and existing risks to the financial stability of the UK and the global financial system, taking action to mitigate risks and combat these when needed.
We intervene directly to manage any public support for the financial services sector – including stewardship of (and exit from) the government’s interests in NatWest Bank.
We’re also responsible for ensuring that the financial authorities have the appropriate legal powers and resources to deal with future failures in the financial sector, as well as planning for future stability events.
The Group works with the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, the intelligence agencies and international partners, to develop and maintain systems to monitor assess and deal with financial stability risks.
Fiscal
Fiscal Group works on a wide-ranging and exciting set of issues which are at the heart of the Treasury’s objectives. We are responsible for ensuring the sustainability of the government’s finances – over both the medium and long term – to support economic stability and growth. This means making sure that the government has enough revenue to meet its spending commitments. Work in this area includes advising the Chancellor on the appropriate levels of borrowing and debt, overseeing financing raised for the government by the Debt Management Office and National Savings & Investments, and managing the daily flow of cash across the public sector.
International & Europe
The International Group advises ministers on promoting and protecting the UK’s international economic interests, to ensure the UK thrives in an ever-changing global economy. We do this through our policy and operational work on a range of areas ranging from free trade agreements, climate change, countering illicit finance, financial sanctions to supporting developing countries and managing our relationship with Europe, US, and emerging markets.
We support the Chancellor and senior officials in building relationships with a wide range of external and international partners and represent the UK in a range of international organisations, such as the G7, the G20 and the International Monetary Fund as well as Multilateral Development Banks. We also analyse what is happening in the world economy, and control spending on international development. Although international travel is an important part of some roles, it is not required for every role in the group and will be specified if required.
Personal Tax, Welfare and Pensions
We work to create a tax and welfare system which supports the government’s goals of deficit reduction, economic growth and fairness. In doing so, we look after high profile areas including personal taxes, labour markets, welfare, tax administration, pensions, and savings. We also coordinate spending controls for both HM Revenue & Customs and the Department for Work and Pensions. The Group also has a wider role to assess the overall impact of changes made to taxes and benefit on households across the UK.
Our work means that we are often at the centre of ministers’ decision making, and we play an important part in the Budget and the Spending Review. Our group works closely with colleagues at HMRC, DWP and the Prime Minister’s office, and with a wide variety of external stakeholders.
Public Services
The Public Services Group is at the heart of the Treasury’s work to secure strong and sustainable public finances. We manage public spending of more than £250 billion across key public services and departments, including health, education, the police, the criminal justice system, local government, housing, defence and the devolved administrations in Scotland, Wales, and Northern Ireland.
We do this by working with other government departments, ministers, and other Treasury teams to ensure that spending plans support high quality public services and provide value for money for the taxpayer.
Our roles offer a range of opportunities to work with senior leaders in other government departments, as well as helping to ensure the effective delivery of public services that so many people rely on.
Public Spending
The Public Spending Group has a high-profile role in Government, setting the Government’s overall spending plans and ensuring they deliver value for money for the taxpayer. We are responsible for reporting to Parliament and the public on how taxpayers’ money is spent. We drive forward improved outcomes and efficiency in public services and enhance the value for money of decision-making through better evaluation, data and analysis.
We advise on overall government policy on public sector pay and pensions, the biggest single driver of public spending. We collaborate with and directly support departments to deliver the Government Finance Function strategy, building finance capability across government and developing the management information, tools and frameworks to better understand and ensure value for money.
Strategy, Planning and Budget
Strategy, Planning and Budget operates at the heart of the Treasury to develop the Department’s overall strategy, work programme and business plan, helping to deliver that strategy with a large, flexible project team who work on ministerial priorities across the whole range of the department’s policy responsibilities. We also co-ordinate the Chancellor’s annual Budget, the Finance Bill and the Treasury’s tax strategy, as well as coordinating the Treasury’s response to the COVID-19 pandemic.
