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O'Neill says he will not take a job in Burnham's government
Lord Jim O'Neill said taking a formal role would require putting investments into a blind trust and surrendering his business interests, citing the added constraints and time demands.
Economist Lord Jim O'Neill, who advises Prime Minister Andy Burnham, said he will not take a job in Burnham's government, according to BBC Business. He said he does not want the constraints that come with a formal role, including complying with rules such as placing shares into a blind trust.
O'Neill said he is currently enjoying his existing work and would rather remain a voice to discuss economic issues while continuing other activities. He also noted that he previously held a ministerial post and understands the job is effectively 24/7.
Asked about what an upcoming October budget might require, O'Neill said it is a choice for Burnham and his team, and referenced defence spending as an area that is likely to draw attention. On potential tax increases, he said he is not a fan of further wealth taxes, particularly those that would apply to capital gains for risk-taking activities such as venture capital.
He added that the country has increased government spending dramatically in recent years and argued for a more sensible approach to welfare spending tied to genuine welfare reform. BBC Business also noted O'Neill previously served as commercial secretary to the Treasury from 2015 to 2016 and helped push the Conservatives' Northern Powerhouse agenda.