Economic adviser O'Neill rules out government job but backs PM's devolution plans
Lord O'Neill, former chief economist at Goldman Sachs, was tipped to become Andy Burnham's chief economic adviser.
Economist Lord Jim O'Neill, who has been advising the prime minister, has ruled out taking a government job but supports the prime minister's devolution plans. Lord O'Neill, a crossbench peer and former treasury minister, stated that he does not want the constraints that come with taking on a formal role, such as a blind trust, which would limit his control over business interests.
He expressed his enjoyment of his current activities and his desire to remain involved in other pursuits. Lord O'Neill also highlighted the importance of devolution and expressed confidence in the devolution plans of the prime minister's team, citing Greater Manchester as a successful example of economic growth. When asked about potential tax increases in the upcoming October budget, Lord O'Neill indicated that it is the prime minister's decision based on their stated goals, but he was not in favor of further wealth taxes, particularly for capital gains from genuine risk-taking investments.
Lord O'Neill, who grew up in Greater Manchester and was a key figure in the Conservatives' Northern Powerhouse agenda, also discussed the need for a more sensible approach to welfare spending and reform.
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