Burnham economic advisor O’Neill rules out government job but urges boldness on devolution – BBC News
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Advisor O’Neill rules out government job but backs PM’s devolution plans
Image: Getty Images
Image caption: Jim O’Neill (image from 2014)
By David Cornock, Political correspondent, and Ottilie Mitchell
Published 22 August 2026, 03:53 BST | Updated 7 minutes ago
Economist Lord Jim O’Neill, who has been advising the prime minister, has confirmed he will not be taking a job in Andy Burnham’s government. The crossbench peer, formerly a treasury minister under the Conservatives, was quoted by the Financial Times as stating his desire to avoid the constraints of formal political roles.
Lord O’Neill, former chief economist at Goldman Sachs, had been expected to become Burnham’s chief economic advisor. He explained to BBC Radio 4’s Today programme that he enjoys his current pursuits too much and is unwilling to give up control over his business interests to meet official requirements.
He emphasized his conclusion that he would rather serve as a consultant and "get on with the rest of the things in my life".
Earlier, in comments to the Financial Times, Lord O’Neill stressed the absence of policy disagreements but expressed support for Burnham’s focus on devolution. He cited Greater Manchester as an example of economic growth and encouraged boldness regarding devolved policies.
Regarding potential tax increases in the upcoming October budget, he suggested it was a choice for the prime minister and his team, with defense spending being a notable area of focus. Lord O’Neill expressed skepticism about wealth taxes, advocating instead for "more sensible" approaches to welfare spending through genuine welfare reform.
From 2015-2016, Lord O’Neill served as commercial secretary to the Treasury under then-Chancellor George Osborne. The peer is known for his role in promoting the Conservatives’ Northern Powerhouse agenda and coining the term Bric (later expanded to Brics) to describe high-growth developing economies.
