O'Neill Passes on Government Role, Backs Devolution Plans

Lord Jim O'Neill, a former treasury minister and chief economist at Goldman Sachs, has ruled out taking a job in Andy Burnham's government. Despite being tipped to become Burnham's chief economic adviser, O'Neill said he enjoys his current activities too much and doesn't want the constraints that come with holding public office.

O'Neill explained that as a minister, he would have to give up control of his business interests and comply with official rules, including placing shares in blind trusts. He stated, 'I've got lots of other things that are going on that I very much enjoy'.

While O'Neill has declined the offer, he expressed support for Burnham's devolution plans, citing Greater Manchester as an example of economic growth. He believes repeating this success around populated areas would improve national economic performance.

O'Neill also shared his views on taxation, stating that it's a choice for the prime minister and his team to make. However, he expressed reservations about increasing wealth taxes, particularly those related to capital gains for venture capital investments.