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 source: 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 hours 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.
Lord O’Neill, a crossbench peer, previously served as a Treasury minister under the Conservatives. As first reported by the Financial Times, he cited the constraints of a formal role, stating he did not want to give up control of his business interests to comply with official rules.
He expressed enjoyment in his current role and said he had "lots of other things that are going on that I very much enjoy" while acknowledging the demands of a ministerial position, including "all the constraints that understandably go with it, like a blind trust and to abandon everything else you do, never mind the fact that it’s 24/7".
In an interview with the Financial Times, he emphasized his support for Burnham’s devolution plans, stating, "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 pointed to Greater Manchester as a model for economic growth and suggested that replicating such initiatives across populated areas could enhance national economic performance.
When asked about potential tax increases in the upcoming October budget, Lord O’Neill remarked, "It’s a choice for the prime minister and his team… based on the things they’re saying they want to do more of – defence spending is obviously the one that catches the eye," among other priorities.
He further stated his opposition to wealth taxes, particularly for venture capital, and advocated for a more sensible approach to welfare spending through genuine welfare reform.
From 2015-2016, Lord O’Neill served as the commercial secretary to the Treasury under then-Chancellor George Osborne. The peer, who hails from Greater Manchester, played a key role in advancing the Conservatives’ Northern Powerhouse agenda, aiming to boost the region’s economy.
Lord O’Neill is renowned for coining the term Bric in 2001 to categorize leading developing or newly industrialised countries with significant growth potential and investment opportunities. The original Bric nations—Brazil, Russia, India, and China—later expanded to include South Africa.
