Economist Lord O'Neill rules out formal government job advising PM

Lord Jim O'Neill, an economist and crossbench peer who has been advising the prime minister, has ruled out taking a formal job in Andy Burnham's government. O'Neill, who previously served as a treasury minister under the Conservatives, told the Financial Times that he did not want the restrictions associated with a formal role. He stated he is enjoying his current activities too much and is unwilling to relinquish control of his business interests to comply with official regulations. "I've decided to not take a formal role," he said. "It's not because of any policy disagreements. 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 plans to continue an informal relationship with the prime minister and his team. O'Neill also mentioned not wanting "the constraints of a blind trust and all the constraints that would be necessary," referring to the practice of placing investments in blind trusts to avoid potential conflicts of interest for ministers. From 2015 to 2016, O'Neill served as commercial secretary to the Treasury. He was a key figure in the Conservatives' Northern Powerhouse initiative, aimed at boosting the economy of Northern England. O'Neill is also recognized for coining the term "Bric" in 2001 to describe emerging economies with high growth potential.

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I've decided to not take a formal role. It's not because of any policy disagreements. 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.