Assistant Economist- Macroeconomic Assessment
HM Treasury
Apply before 11:55 pm on Sunday 17th November 2024
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About the job
Job summary
If you’re interested in making a difference to people’s lives, the Treasury can offer you an exciting opportunity to influence decision making that affects the whole of the UK. Working at the heart of government, we collaborate across government to promote responsible public spending and drive strong and sustainable economic growth.
Our work ranges from protecting customers through the regulation of the financial sector, helping to reduce carbon emissions and creating a greener economy, to promoting British trade around the world and supporting people across the country on jobs, growth and more.
We are part of the Darlington Economic Campus, a pioneering new cross-government hub which brings people together to play an active role in the most important issues of the day whilst working closer to the communities we serve. The campus provides the opportunity for people from all over the UK to help shape the future of the country, and our flexible working practices ensure you can collaborate effectively with our partners. It’s central government, made more accessible to you!
Job description
Economics Group
The Economics Group leads HM Treasury’s (HMT) analysis of developments in the UK economy and advises ministers on the implications for the Government’s economic strategy. It provides expert economic analysis and advice for Ministers. The Group’s data hub is transforming how the Treasury uses data across its entire business. The Group collaborates with external experts on the UK economy, including the Bank of England, Office for Budget Responsibility (OBR) and leading academics. Economics Group provides support for the UK Government’s economic and social research professions, including running centralised recruitment and the annual conferences.
About the Team
The Macroeconomic Assessment (MA) Team is at the core of the Treasury’s function as an
economics Ministry. MA is a friendly, supportive and inclusive team who work collaboratively to deliver our objective of providing expert macroeconomic analysis to support policy development.
As a team, we play a central role in analysing developments in the UK economy and risks to the outlook. We seek to produce high quality and influential macroeconomic analysis, working with colleagues across the department and the OBR. MA is committed to ensuring the team is a fun, engaging and friendly place to work, where everyone is supported to develop and progress.
Person specification
About the Team
Macroeconomic Assessment
The Macroeconomic Assessment (MA) team is at the core of the Treasury’s function as an economics Ministry, providing economic analysis, briefing and policy advice on the issues facing the UK economy. As a team, we play a central role in analysing developments in the economy and risks to the outlook. We aspire to excellence in producing high quality and influential analysis and working collaboratively with colleagues across the department. We work flexibly across branches, and the post-holder will need to be willing to work across priorities. We are committed to ensuring the team is a fun, engaging and inclusive place to work, where everyone is supported to develop and progress.
About the Job
We are looking for two Assistant Economists to join us in MA’s Model Unit, and Households, Investment and Trade Analysis team. Both roles are open to Darlington and London applicants, however, one role will be appointed in London and one in Darlington.
Forecast role (Model Unit):
Model Unit sits is a diverse, high-performing branch of six analysts. The Unit produces and coordinates impactful economic analysis that influences policy development across HMT and the OBR’s forecasts. The Unit manages the relationship with the OBR economy team, leads on briefing of the economy forecast within the department, and manages the process by which the economic effects of government policy are analysed.
This is an exciting and fast-paced role that will provide you an opportunity to build your macroeconomic understanding, brief senior stakeholders and experience HMT from the heart of a fiscal event. During fiscal events, you will lead on drafting advice to the Chancellor and senior officials on the OBR’s economy forecast. Outside of fiscal events, you will help to develop and coordinate HMT’s view of alternative economic scenarios, using both pre-existing tools owned by HMT and building some models from scratch. You will build a wide understanding of the OBR’s macroeconomic model and forecast, as well as other external forecasters.
Housing role (Households, Investment and Trade Analysis Team):
This is an exciting and intellectually challenging role, providing the opportunity to lead economic analysis on a critical and high-profile policy area. The role sits within Households, Investment and Trade Analysis Team (HITA), a sub-team within Macroeconomic Assessment. We are a team of eight economists responsible for delivering and communicating high quality economic analysis on the consumer sector, housing market, business investment and trade. This includes advising on the macroeconomic impacts of policy measures, working closely with the Office for Budget Responsibility. The team is split between the Darlington Economic Campus and HMT’s London office.
HITA uses a wide variety of economic models to inform its analysis. The role holder will be responsible for developing and maintaining the team’s housing modelling capabilities. Econometric skills and experience with code (of any language) are therefore desirable; a willingness and enthusiasm to learn them is, however, essential. The post-holder will get exposure to policy making by providing analytical support to housing policy teams in the Treasury.
Core responsibilities:
- Delivering robust and timely analytical projects for ministers and senior officials on either:
- The UK housing market, including owning the team’s overall view on housing market conditions and communicating this within HMT; or
- The OBR’s economy forecast (key messages, risks and uncertainties), how emerging economic news may affect the forecast, developing alternative economic scenarios to shape HMT views on the macroeconomy.
- Effectively communicating complex analysis. You should be comfortable digesting large amounts of information, summarising key points, risks and uncertainties and then communicating the results to a wide audience either in writing or verbally.
- Building positive working relationships across HMT and external stakeholders (such as the Office for Budget Responsibility and other departments) to communicate analysis and build consensus order to influence the policy-making process.
- Independently develop and deliver analytical and research projects on wider macroeconomic topics that would benefit the branch, with the opportunity to work on projects in other areas of the team’s work, if desired. You will have the opportunity to develop technical and software skills - for example in R or NiGEM. Previous experience of working in macroeconomics is not essential for this role, but a willingness and enthusiasm to learn is!
- Contributing to the team’s inclusive and inquisitive culture; we value curiosity to learn about other areas of the branch’s work and the willingness to identify connections between subject areas. Within the team there may be an opportunity for both task and line management.
We are a friendly team and flexible working practices are encouraged. We encourage applications from candidates who may have less experience in some of the required criteria but are curious and willing to develop their understanding. Training and support can be provided on-the-job.
For both roles, professional experience in economic analysis would be advantageous but is not essential.
Candidate Drop-In Session
The hiring managers will be running a candidate drop-in session for this role to give you greater insight about the role as well as the chance to learn more about HM Treasury and ask any questions you may have. If you would like to join us, then use the appropriate link below to join the call at the right time.
31st October at 15:00-16:00
If you would like to speak to the hiring manager informally prior to the closing date for applications to find out more about the job, please contact
Luke Appleton (housing role) – luke.appleton@hmtreasury.gov.uk
Hannah Lovell (forecast role) – Hannah.lovell@hmtreasury.gov.uk
Behaviours
We'll assess you against these behaviours during the selection process:
- Working Together
- Delivering at Pace
- Communicating and Influencing
Technical skills
We'll assess you against these technical skills during the selection process:
- Ability to synthesise evidence to deliver high quality economic analysis through application of economic theory and modelling techniques
Benefits
- 25 days’ annual leave (rising to 30 after 5 years), plus 8 public holidays and the King's birthday (unless you have a legacy arrangement as an existing Civil Servant)
- Flexible working patterns (part-time, job-share, condensed hours)
- Generous parental and adoption leave package.
- A Civil Service Pension which provides an attractive pension, benefits for dependants and average employer contributions of 28%
- 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 and diversity
Flexible Working Arrangements
HM Treasury views flexible working as essential in enabling us to recruit and retain talented people, ensuring that they can 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; part-time, compressed hours and job sharing. Additionally, we operate flexitime systems, allowing employees the flexibility to adjust their working patterns throughout the week which is subject to operational needs and line management approval.
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 can realise their potential and achieve a healthy work-life balance.
HM Treasury operates an office based working approach across all Treasury sites - Darlington, London, and Norwich, and along with the rest of the Civil Service, has an expectation of a minimum of 60% attendance in the office, along with working remotely. This blended working approach allows you to work collaboratively, meet stakeholders face to face, support others and promotes a healthy work life balance (please be aware that this role can only be worked in the UK and not overseas). Some roles will not be suitable for Hybrid Working. Similarly, Hybrid Working will not suit everyone’s circumstances. Arrangements will be discussed and agreed with the successful candidate(s) and subject to regular review. All our offices have been recently modernised and designed to collaborate and connect with colleagues as well as desk and quiet space to allow a range of ways to work.
The office working expectation is linked to the location of the role. If you apply to a post in a single location, then you will not be able to meet this expectation at any of our other sites or move your role to another location.
Things you need to know
Selection process details
Recruitment Timeline
Closing date: 17th November
Shortlisting: w/c 18th November
Interviews: w/c 2nd December
This timeline is indicative and may be subject to change. We will inform you if there is a substantial change to the recruitment timeline.
If your contact details change at any time during the selection process, please ensure you update your Civil Service Jobs Profile.
Please note that only applications submitted through Civil Service Jobs will be accepted.
Location-Based Reserve Lists
You will be placed on a reserve list if your application is successful, but we cannot offer you a post immediately. Where more than one location has been advertised, candidates will be approached for roles in merit order according to the first preferred location stated on your application form.
Please note that a place on the reserve list does not guarantee an offer. We would still encourage you to apply for other HM Treasury opportunities that you are interested in. If you are offered a role in your first preferred location and you decline the offer or you are unable to take up the post within a reasonable timeframe, you will be removed from the reserve list, other than in exceptional circumstances.
Eligibility Statement
A candidate is not eligible to apply for a role in the Civil Service if the application is made within a 5 year period following a dismissal for carrying out internal fraud against government. Checks will be performed as part of pre-employment checks in line with this. Please refer to the Candidate FAQ document attached to the advert for more information.
Everyone working with government assets must complete Baseline Personnel Security Standard (BPSS) checks. Additionally, individuals appointed to the Treasury group will be subject to National Security Vetting. The level of security vetting required for this role is Counter Terrorist Check (CTC)
To allow for meaningful checks to be carried out, applicants will need to have lived in the UK for at least 3 out of the past 5 years. In exceptional circumstances, a lack of residency would not be a bar to security clearance however the Department will need to consider eligibility on a case by case basis once the advert closing date has passed.
These short videos address common concerns and preconceptions which applicants may have about national security vetting. If you have questions relating to security clearances, please contact HMTSecurityVetting@hmtreasury.gov.uk
Feedback will only be provided if you attend an interview or assessment.
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Working for the Civil Service
We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window).
Diversity and Inclusion
Apply and further information
Contact point for applicants
Job contact :
- Name : Hannah Lovell, Luke Appleton
- Email : hannah.lovell@hmtreasury.gov.uk
Recruitment team
- Email : hrrecruitment@hmtreasury.gov.uk
Further information
