The economist Lord Jim O’Neill has declined an offer to serve as economic adviser to Andy Burnham’s government, citing a preference for maintaining autonomy over his business interests and avoiding formal constraints.
A crossbench peer and former Conservative treasury minister, O’Neill had been considered Burnham’s top candidate for the role. He emphasized that his decision stemmed from a wish to retain control of his enterprises rather than policy disagreements.
As reported by the Financial Times, O’Neill stated he was “enjoying what he was currently doing too much” and hesitated to relinquish control necessary for compliance with official disclosure rules.
Despite his rejection, O’Neill affirmed his continued informal engagement with the prime minister and Burnham’s team, expressing confidence in their devolution-focused agenda.
The former Goldman Sachs chief economist also highlighted concerns over mandatory blind trusts, which he described as “constraints” incompatible with his preferences for managing investments personally.
O’Neill’s career includes serving as commercial secretary to the Treasury under Chancellor George Osborne from 2015-2016, alongside championing the Conservative Party’s Northern Powerhouse initiative targeting Northern England’s economic growth.
Notably, he coined the term “Bric” in 2001 to describe emerging markets like Brazil, Russia, India, and China—later expanded to Brics with South Africa’s inclusion—highlighting their growth potential for investment.
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