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Annual Report and Accounts 2020-2021 of the United Kingdom Debt Management Office and the Debt Management Account HC 346 United Kingdom Debt Management Office Annual Report and Accounts 2020–2021 Presented to the House of Commons pursuant to Section 7 of the Government Resources and Accounts Act 2000 Presented to the House of Lords by Command of Her Majesty and Debt Management Account Annual Report and Accounts 2020–2021 Presented to Parliament pursuant to Schedule 5A to the National Loans Act 1968 Ordered by the House of Commons to be printed on 7 July 2021 HC 346 DMO and DMA Annual Report and Accounts 2020-2021 © Crown Copyright 2021 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government-licence/version/3 Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/official-documents Any enquiries regarding this publication should be sent to us at the United Kingdom Debt Management Office, The Minster Building, 21 Mincing Lane, London, EC3R 7AG. ISBN: 978-1-5286-2552-4 CCS0421453922 07/21 Printed on paper containing 75% recycled fibre content minimum. Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office DMO and DMA Annual Report and Accounts 2020-2021 DMO and DMA Annual Report and Accounts 2020-2021 Contents What this document covers 7 Performance report 8 Overview 9 Performance analysis 24 Accountability report 40 Corporate governance report 41 Remuneration report and staff report 56 Parliamentary accountability and audit report 64 Accounts of the United Kingdom Debt Management Office 66 Accounts of the Debt Management Account 90 DMO and DMA Annual Report and Accounts 2020-2021 DMO and DMA Annual Report and Accounts 2020-2021 DMO and DMA Annual Report and Accounts 2020-2021 What this document covers This document presents the Annual Report and Accounts of the United Kingdom Debt Management Office (DMO) and the Annual Report and Accounts of the Debt Management Account (DMA) for the year ended 31 March 2021. The DMO is an executive agency of HM Treasury. Its The following sections of this document apply to main aims are: both the DMO and the DMA: to carry out the government’s debt management Performance report (page 8 to 39) policy of minimising its financing cost over the long-term, taking account of risk; Accountability report - corporate governance report (page 40 to 55) to carry out the government’s cash management policy of minimising the cost of offsetting the Accountability report - parliamentary government’s net cash flows over time, while accountability and audit report (page 64 to 65) operating within a risk appetite approved by ministers; The following sections are specific to the DMO: to provide loans to local authorities for capital Accountability report - remuneration report and purposes; staff report (page 56 to 63) to manage the funds of selected public sector Accounts of the United Kingdom Debt bodies. Management Office (page 66 to 88) The DMA is one of the government’s Exchequer The following section is specific to the DMA: accounts (others include the National Loans Fund and the Consolidated Fund managed by HM Treasury Accounts of the Debt Management Account and the Exchange Equalisation Account managed (page 90 to 131) by the Bank of England for HM Treasury). The DMA records the assets, liabilities and other transactions that arise from the DMO’s debt management (except for gilts issued by the DMO, which are liabilities of the National Loans Fund), cash management and other activities that support government initiatives. 7 Performance reportPerformance DMO and DMA Annual Report and Accounts 2020-2021 Performance report The purpose of the overview is to provide sufficient information to understand the United Kingdom Debt Management Office and the Debt Management Account, their purposes, key risks to the achievement of their objectives and how they have performed during the year. Overview 9 Chief Executive’s statement 9 Purpose and principal activities of the United Kingdom Debt Management Office 11 Relationship of the Debt Management Account to the National Loans Fund 14 Key relationships of the DMO and the DMA 15 Performance summary 16 Forward look 22 Performance analysis 24 Achievements against objectives 24 Performance against targets 28 Financial results of the United Kingdom Debt Management Office 34 Financial results of the Debt Management Account 36 8 Performance reportPerformance DMO and DMA Annual Report and Accounts 2020-2021 Overview Chief Executive’s statement This was the 23rd operational year for the DMO; a year On 31 March 2020 it was announced that the size of quite unlike any other in our history. the gilt operations programme for April 2020 would be increased to £45.0 billion (more than double the It was a year dominated by COVID-19, the impact of amount originally envisaged) and 11 auctions were which not only transformed the way we operated as an added to the calendar for that month alone. Further organisation, but also impacted the lives of everyone revisions followed on 23 April 2020, which increased who works at the DMO and their families. Before I turn planned gilt sales to end-July 2020 to £225.0 billion; to the considerable operational achievements of the 29 June 2020, which increased planned gilt sales to past year, I would like to offer my sincere thanks and end-August 2020 to £275.0 billion; 16 July 2020, which appreciation to all those who work at the DMO for increased planned gilt sales to end-November 2020 to their contribution during 2020-2021 and the positive a minimum of £385.0 billion; and 25 November 2020, way in which they have responded to the unique and which increased planned gilt sales for 2020-2021 to a unprecedented challenges we have all faced. minimum of £485.5 billion. Gilt sales during the year were the highest in the DMO’s This unprecedented increase in the financing remit history: £485.8 billion. However, they formed just one required the DMO to make changes to the way it part of our activities. The DMO’s cash management managed its gilt sales operations. In particular, the operations also involved unprecedented levels of DMO began scheduling two auctions per day, often daily trading amounting to £7.1 trillion during 2020- on two consecutive days, with two auction bidding 2021 (out of a total of £8.3 trillion from all activities) windows from 9.00am to 10.00am for the first auction compared to £4.9 trillion during the previous year. and from 10.30am to 11.30am for the second. In addition, the rate of the Post Auction Option Facility Gilt and cash management operations, local authority (PAOF) was increased from 15% to 25% to help lending via the PWLB lending facility, and investment incentivise auction participation. of public sector funds via the CRND were successfully delivered whilst the great majority of DMO staff Auctions remained the DMO’s primary means of were working remotely, with a critical cadre of staff selling gilts and accounted for £429.5 billion of gilt continuing to work onsite. sales. This figure included £49.6 billion of proceeds from the PAOF, and represented 88.4% of overall sales. The original remit for 2020-2021 was almost The average cover ratio at gilt auctions in 2020-2021 immediately overtaken by events relating to the increased to 2.49 from 2.18 in 2019-2020. measures announced by HM Treasury to support the economy in the light of the COVID-19 pandemic. It The auction programme was supplemented by seven also quickly became clear that, because of the level of syndicated offerings (six of conventional gilts and one uncertainty associated with both the size and timing of of index-linked gilts) which raised £52.3 billion (10.8% the impact of the pandemic on the economy, it would of total gilt sales). For the first time the syndication not be possible to estimate accurately a financing programme included sales of 10-year and 15-year requirement for the whole of the financial year. For the maturities. In addition, two gilt tenders were held first time, therefore, the DMO’s financing programme raising £3.9 billion. was structured to deliver a series of in-year revisions to the gilt financing requirement and the associated The gilt market successfully and efficiently absorbed operations calendar. the record level of gilt supply in 2020-2021. The 9 Performance reportPerformance DMO and DMA Annual Report and Accounts 2020-2021 market has grown and developed significantly over the National Debt. The market value of these funds the past decade. At the end of 2007-2008, at the start was £50.3 billion at 31 March 2021. of the global financial crisis, the nominal (uplifted) value of the gilt portfolio was £479 billion. At the end Looking ahead, the DMO’s financing remit for 2021- of 2020-2021, it was 4.1 times larger at £1,974 billion. 2022 was published on 3 March 2021 when planned Average daily turnover in the gilt market increased by gilt sales of £295.9 billion were announced. Whilst this 10.6% compared to the previous year to £41.3 billion. was a reduction of £189.9 billion (39.1%) compared to The presence of a deep and well-functioning gilt gilt sales in 2020-2021, it was the largest initial annual market remains critical to the DMO’s ability to deliver target on record.
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