Lord Jim O'Neill, an economist and former treasury minister, has stated he will not accept a formal government position advising Prime Minister Andy Burnham. O'Neill, who had been considered for the role of chief economic adviser, cited his enjoyment of his current work and the desire to avoid the constraints associated with official appointments, including blind trusts.
"I've decided to not take a formal role," O'Neill said, as reported by the Financial Times. He clarified that his decision was not due to any policy disagreements, expressing support for the government's focus on devolution. "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."
O'Neill indicated he hopes to maintain an informal relationship with Burnham and his team. He explained his reluctance to take on a formal role stemmed from not wanting "the constraints of a blind trust and all the constraints that would be necessary," which are implemented to prevent potential conflicts of interest by ensuring ministers have no knowledge of their investments.
Previously, Lord O'Neill served as commercial secretary to the Treasury from 2015 to 2016 under then-Chancellor George Osborne. He was a significant proponent of the Northern Powerhouse initiative, aimed at stimulating economic growth in Northern England. O'Neill is also recognized for coining the term "Bric" in 2001 to identify emerging economies with high growth potential, referring initially to Brazil, Russia, India, and China, later expanded to include South Africa as "Brics."