Economic Adviser - Macroeconomic Assessment
HM Treasury
Apply before 11:55 pm on Sunday 17th November 2024
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About the job
Job summary
About HM Treasury
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
About the Group
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.
About the Job
We are recruiting for two exciting and influential roles in Macroeconomic Assessment: a Head of Indirect Effects and a Head of Investment and Trade Analysis. Both roles provide an opportunity to work across a wide range of UK macroeconomic issues and the wider policy-making process.
The Head of Indirect Effects role sits within Model Unit in the Macroeconomic Assessment team. Model Unit 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 and accounted for in the OBR’s forecast.
The key accountabilities of the Head of Indirect Effects role include:
- Lead on the indirect effects process, assessing the macroeconomic impact of the government’s policy package at fiscal events, coordinating the work of a wide network of analysts and policy colleagues.
- Work closely with the OBR, providing them with the analysis necessary to incorporate the economic effects of policies into their forecast.
- Communicating to senior officials, special advisers, and Ministers how government policies affect the forecast.
- Working with colleagues from the Fiscal Group to understand how the economic effects of policies affect the fiscal position and policy.
- Identify and build strong collaborative partnerships with policy and analytical colleagues across the department, ensuring economic analysis is accurate and timely.
- Further develop the team’s macroeconomic model and advise on the development of the suite of models used across the department for assessing the economic impacts of policy.
- Management and development of an assistant economist - providing leadership, support and stretching opportunities. The role may also involve management of additional staff during fiscal events.
- Promote a positive culture in the team and the group. Contribute to corporate workstreams to help shape the improvement of the organisation. Show a clear commitment to promoting diversity, inclusion and belonging in the team and Group.
The Head of Investment and Trade Analysis role sits within the Households, Investment and Trade Analysis branch in the Macroeconomic Assessment team. 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 Model Unit and the Office for Budget Responsibility. The team is split between the Darlington Economic Campus and HMT’s London office.
The key accountabilities of the Head of Investment and Trade Analysis role include:
- Leading analysis and monitoring of macroeconomic data relating to business investment and trade, forming HMT’s view on the UK’s economic performance in these areas in support of the Government’s Growth Mission.
- Advising on the macroeconomic impacts of policy measures that affect business investment or trade, working closely with teams in HMRC, HMT and the OBR.
- Engage with Business Representative Organisations (such as the CBI), incorporating their insights into HMT’s view of the economy.
- Communicating your analysis to senior officials, special advisers and Ministers through regular briefing and policy advice.
- Developing and maintaining the team’s suite of forecasting and analytical models, including joint responsibility (with the OBR) for the cost of capital model.
- Building strong collaborative partnerships with policy and analytical colleagues both inside and outside the department, staying abreast of relevant policy developments to ensure the team’s economic analysis is comprehensive and timely.
- Management and development of a team of two assistant economists and one apprentice economist - providing leadership, support and stretching opportunities.
- Promote a positive culture in the team and the group. Contribute to corporate workstreams to help shape the improvement of the organisation. Show a clear commitment to promoting diversity, inclusion and belonging in the team and Group.
Macroeconomic Assessment is 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.
A postgraduate degree in economics, and/or professional experience in applying econometric analysis and quantitative modelling, would be advantageous.
Role Locations
We are recruiting for roles based in London and Darlington. As part of your application form you will be asked your preference on office location.
We will make offers to candidates in merit order according to their preferred location. If you are successful at interview and we offer you a role, please be assured that we will only offer you a position in the location preference that you have declared. Successful candidates will be expected to attend the office for at least 60% of their working week in this location.
Both roles are open to Darlington and London applicants, however, one role will be appointed in London and one in Darlington.
We will also ask you if you have a preference for the roles we have available, however please note that we cannot guarantee role preferences as candidates will be posted to roles in merit order according to the location preference that they have provided in their application form. More information on this point can be found in the Candidate FAQ’s that are attached to the advert on Civil Service Jobs.
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 link below to join the call at the right time.
Monday 4 November - 12:30pm to 1:30pm
If you would like to speak to the hiring manager informally prior to the closing date for applications to find out more about either job, please contact Matthew Richmond (matthew.richmond@hmtreasury.gov.uk) or Angus Hawkins (angus.hawkins@hmtreasury.gov.uk).
Person specification
Your application will consist of a CV and a 1000 word personal statement (250 words per criteria listed below).
Your CV should consist of your career history, including any key achievements in each role. Your CV will not be scored, but instead will be used to provide further context on your personal statement, and support conversations at interview.
Your personal statement should demonstrate evidence of how you meet the criteria listed below:
- Ability to deliver high quality, influential economic analysis.
- Ability to structure, plan and prioritise to deliver consistently high-quality work on time.
- Effective communication skills, including an ability to distil key messages and uncertainties from technical work and communicate clearly to senior officials and ministers.
- Ability to work collaboratively with others and build effective working relationships to deliver joint objectives.
Required Qualifications:
At a minimum, an undergraduate degree in economics or related subject area or equivalent professional experience.
Candidate Guidance Support Session – Microsoft Teams
We will be running an overview of Success Profiles and the STAR approach including top tips for the application and interview process and an opportunity to ask general questions around our recruitment practices. Please note that this session is not role specific, so we will be unable to answer specific questions about roles we are advertising. If you would like to join us, please use the link below to join the call at the right time.
Thursday 31st October 2024 @ 12.30 – 13:15 Join the meeting now
Thursday 14th November 2024 @ 12:30 – 13:15 Join the meeting now
Qualifications
Behaviours
We'll assess you against these behaviours during the selection process:
- Delivering at Pace
- Communicating and Influencing
- Working Together
Technical skills
We'll assess you against these technical skills during the selection process:
- Ability to deliver high quality, influential economic analysis
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 2024
Shortlisting: W/c 18th November 2024
Interviews: W/c 25th November and 2nd December 2024
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.
Security
Nationality requirements
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 : Angus Hawkins; Matt Richmond
- Email : angus.hawkins@hmtreasury.gov.uk
Recruitment team
- Email : hrrecruitment@hmtreasury.gov.uk
Further information
