| Code | DS/UK/227 |
| Corporate Name | Government Broker |
| Dates | 1786 - |
| OtherFormsOfName | Mullens |
| Activity | The office of Government Broker has been in existence since 1786, and has been described as uniquely British in character. As the name suggests the position involves acting as the government's broker or representative on the stock exchange, particularly involving gilt-edged securities and advising and dealing for the public office of the National Debt Commissioners (now the National Debt Office). From the 1960s the emphasis of the post was on arranging stock purchases, when there was a new issue, with minimum disturbance to the market; for example with regard to local authority loans. Until the late 1980s the Government Broker also ensured an orderly queue of local authority borrowers, now called the 'calendar'. The Government Broker also acted as a member of the Stock Exchange Council and advised the government on privatisation. Traditionally the post was held by a senior partner in the private stockbroker firm Mullens and Co (now part of S G Warburg Group) and under the auspices of the Chief Cashier at the Bank of England. Since the 'big bang' of 1986, when the stock exchange was deregulated and greatly streamlined, the role of the Government Broker has changed considerably, as brokers are no longer essential for trading. Today the post is held by a Bank of England employee as head of the Gilt-edged Division. |
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