Full Breakdown
Lord Jim O'Neill Declines Formal Role in Andy Burnham’s Government
8/22/2026, 8:50:32 PM
Decision Not to Join Burnham Administration
Lord Jim O'Neill, the economist who has been advising Prime Minister Rishi Sunak, announced that he will not accept a formal position in Mayor Andy Burnham’s newly formed government. The decision was reported after an earlier Financial Times story suggested he might become Burnham’s chief economic adviser. O'Neill confirmed he will maintain an informal relationship with the prime minister’s team but will not take a ministerial post.
Professional Background and Prior Roles
Lord O'Neill is a cross-bench peer who previously served as commercial secretary to the Treasury during 2015-2016 under Chancellor George Osborne. He was the chief economist at Goldman Sachs and, before that, a treasury minister in the Conservative government. He is also credited with coining the term “BRIC” in 2001 to describe fast-growing emerging economies, a concept later expanded to “BRICS” with the addition of South Africa. Raised in Greater Manchester, he was a leading advocate of the Conservatives’ “Northern Powerhouse” agenda aimed at boosting the economy of England’s north.
Reasoning Behind Declining a Formal Position
O'Neill explained that his choice is not driven by policy disagreement. He expressed admiration for Burnham’s focus on devolution and hopes the administration will be bold on that agenda. The primary concern he cited is the requirement for ministers to place assets in blind trusts, which would limit his control over business interests. He said he enjoys his current activities and does not wish to surrender that flexibility.
Potential Implications for Devolution Policy
By remaining an informal adviser rather than a cabinet-level economist, O'Neill may still influence national economic strategy while avoiding the constraints of a formal role. His public support for devolution could lend credibility to Burnham’s regional priorities, even as the government proceeds without his direct involvement in policy formulation.
