Stories

Sat, 22 Aug 2026

Sat, 22 Aug 2026 Economic adviser O'Neill rules out government job but backs PM's devolution plans

Lord O'Neill, former chief economist at Goldman Sachs, was tipped to become Andy Burnham's chief economic adviser.
He said he'd rather be a voice to advise on policy without taking formal role. Informs BBC Radio 4's Today programme that being minister includes "all the constraints" such as blind trusts & abandoning personal interests. Not because of policy disagreements, O'Neill is a fan of Burnham's focus on devolution and economic growth. Pointed out Greater Manchester's success in boosting economy and suggests repeating it elsewhere would improve national performance. On new budget, O'Neill says raising taxes is PM's choice, based on priorities such as defence spending. Doesn't support increasing wealth taxes, particularly on capital gains for venture capital.