Business & Finance
Lord Jim O'Neill rules out formal government economic adviser role
The former Treasury minister cited ethics rules on outside business interests while expressing support for regional devolution policies.
The short version
- Crossbench peer Lord Jim O'Neill announced he will not take a formal role as chief economic adviser to the government.
- O'Neill stated his decision was driven by ministerial constraints, such as putting assets into blind trusts and ending outside business activities, rather than policy disagreements.
- While turning down the official position, O'Neill voiced backing for regional devolution strategies and recommended against increasing capital gains taxes on venture investments.
Key facts
- Lord Jim O'Neill confirmed he will not accept a formal post as chief economic adviser in the administration, despite prior expectations.[BBC News]
- O'Neill stated that official ethical requirements, including using blind trusts and stepping away from outside commercial interests, led to his decision.[BBC News]
- O'Neill voiced support for regional devolution initiatives while advising against raising capital gains taxes on risk-taking activities like venture capital.[BBC News]
- O'Neill previously served as commercial secretary to the Treasury between 2015 and 2016 under George Osborne.[BBC News]
What remains uncertain
- It remains unconfirmed who will be appointed to the formal chief economic adviser position following O'Neill's decision to decline.[BBC News]