Policy paper

Management of the Official Reserves

This document explains the HM Treasury’s approach to managing the official reserves and highlights changes to the investment strategy of the reserves.



Since 2018, and following the conclusion of the government’s post-crisis additional financing programme, the investment strategy for the whole portfolio of reserves has been reviewed. The new strategy will take effect from 2020-21. The main outcome of the review was a change in approach to the trade-off between policy readiness, risk, and return. As a result of the review, the reserves will now seek to maximise value to the taxpayer and optimise return, whilst ensuring policy readiness and overlaying constraints to prudently manage financial risks.

Published 11 March 2020
Last updated 24 March 2020 + show all updates
  1. Updated with 'Management of the Official Reserves: 2013'.

  2. First published.