Burnham economic adviser O'Neill rules out government job
Lord O'Neill, former chief economist at Goldman Sachs, was tipped to become Andy Burnham's chief economic adviser.
Lord Jim O'Neill, an economist currently advising the prime minister, has announced he will not be accepting a position within Andy Burnham's government. The crossbench peer, who previously served as a Treasury minister for the Conservatives, had been widely expected to become Burnham's chief economic adviser.
Lord O'Neill, formerly the chief economist at Goldman Sachs, stated that his decision stemmed from his current enjoyment of his work and his unwillingness to relinquish control of his business interests, which would be required to comply with official regulations.
"I've decided to not take a formal role," he confirmed. He emphasized that his choice was not due to any policy differences, adding, "It's not because of any policy disagreements. I'm a massive fan of the focus on devolution and I hope Andy and his team will be bold on this and everything else." He also expressed his intention to "continue to, hopefully, maintain an informal relationship with the PM and his team."
He further explained his reluctance to accept "the constraints of a blind trust and all the constraints that would be necessary." Blind trusts are used by ministers to manage investments without their knowledge, thereby preventing potential conflicts of interest.
From 2015 to 2016, Lord O'Neill held the role of commercial secretary to the Treasury under then-Chancellor George Osborne. The peer, a native of Greater Manchester, was a prominent advocate for the Conservatives' Northern Powerhouse initiative, which aimed to stimulate economic growth in the North of England.
Lord O'Neill is also recognized for coining the acronym "Bric" in 2001. This term described leading developing or newly industrialized nations—Brazil, Russia, India, and China—that exhibited potential for rapid growth and, consequently, attractive investment returns. These original four nations later became the "Brics" with the inclusion of South Africa.