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Lord Jim O’Neill, an economist and crossbench peer who has advised the prime minister, has confirmed that he will not be accepting a position within Andy Burnham’s government. Previously, Lord O’Neill served as a treasury minister under a Conservative administration and has built a notable reputation in economic policy.
According to reports from the Financial Times, Lord O’Neill expressed reluctance to take on an official role, primarily due to the restrictions such positions impose. The former Goldman Sachs chief economist was widely expected to be appointed as Burnham’s chief economic adviser, but he ultimately decided to decline the offer. He emphasized his enjoyment of his current work and his preference not to relinquish control over his business interests, which would be necessary to meet official regulations.
Lord O’Neill stated, “I’ve decided to not take a formal role.” He was clear that this decision was not based on any disagreements over policy, adding, “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 mentioned that he plans to maintain an informal advisory relationship with the prime minister and his team. A significant factor influencing his choice is the requirement to place shares in blind trusts, a mechanism that ministers use to avoid conflicts of interest by relinquishing control over their investments.
Having served as commercial secretary to the Treasury from 2015 to 2016 under Chancellor George Osborne, Lord O’Neill was influential in promoting the Northern Powerhouse initiative, aimed at stimulating economic growth in Northern England. He is also known for coining the term “BRIC” in 2001, identifying Brazil, Russia, India, and China as emerging economies with strong growth potential. This group later expanded to include South Africa, becoming the BRICS
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