Lord Jim O'Neill Declines Formal Government Position Under Andy Burnham

Economist Lord Jim O'Neill, who has been advising the prime minister, has stated that he will not be taking on a formal job within Andy Burnham's government. A crossbench peer and former treasury minister under the Conservatives, Lord O'Neill explained that he prefers to avoid the restrictions associated with official government roles.

Previously tipped to serve as Burnham's chief economic adviser, Lord O'Neill expressed his enjoyment of his current activities and his unwillingness to relinquish control over his business interests to adhere to official regulations. He commented, "I've decided to not take a formal role. 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 indicated that he intends to maintain an informal advisory relationship with the prime minister and his team. Lord O'Neill also mentioned his aversion to the "constraints of a blind trust and all the constraints that would be necessary," referring to the practice where ministers divest knowledge of their investments to prevent conflicts of interest.

Lord O'Neill served as the commercial secretary to the Treasury from 2015 to 2016 under Chancellor George Osborne. Having grown up in Greater Manchester, he was instrumental in promoting the Conservative's Northern Powerhouse initiative, designed to stimulate the economy of Northern England. Lord O'Neill is also recognized for coining the term "Bric" in 2001, referring to emerging economies with significant growth potential.

Lord Jim O'Neill Rules Out Government Job with Andy Burnham

Economist Lord Jim O'Neill, who has been advising the prime minister, has indicated that he will not be accepting a formal position in Andy Burnham's government. Lord O'Neill, a crossbench peer and former treasury minister, stated that he does not wish to be bound by the constraints of an official role.

The former chief economist at Goldman Sachs, who had been considered for the role of Burnham's chief economic adviser, said he is too engaged in his current work and does not want to have to divest control of his business interests to comply with official requirements. "I've decided to not take a formal role," he stated. "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 added that he would "continue to, hopefully, maintain an informal relationship with the PM and his team."

Lord O'Neill expressed his reluctance towards "the constraints of a blind trust and all the constraints that would be necessary," which involves ministers not knowing how their investments are managed to avoid conflicts of interest.

Lord O'Neill previously served as commercial secretary to the Treasury from 2015 to 2016. A native of Greater Manchester, he was a key proponent of the Northern Powerhouse agenda aimed at economic development in the North of England. He is also known for originating the term "Bric" in 2001 to describe rapidly growing emerging economies.