Growth commission launched by departing Goldman Sachs chair

Oliver Smith
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RETIRING Goldman Sachs chairman Jim O’Neill will today launch the City Growth Commission, an independent group tasked with exploring how England’s cities and regions can become part of the UK’s economic recovery.

Launched in conjunction with the Royal Society for the encouragement of Arts, Manufactures and Commerce (RSA), the commission will work with Whitehall, business and political parties to find ways of boosting growth in English cities.

“Despite huge strides forwards many of our cities are still not paying their way, let alone achieving their potential. Our commission will examine what mix of powers, incentives and responsibilities will give our cities the critical mass they need to succeed,” said O’Neill, who will also chair the commission.

London Mayor Boris Johnson also came out in support of the new commission, calling its work an essential step in fiscal reform for larger English cities.

“Jim O Neill has brought together a fantastic team and I look forward with interest to their exploration of this vital issue,” Johnson said.