Former Goldman Sachs chief economist Jim O’Neill has been given a peerage and a top job in George Osborne’s treasury.
The chancellor of the exchequer tweeted yesterday afternoon: “I am delighted to confirm Jim O’Neill as the new commercial secretary to the treasury to make devolution and the Northern Powerhouse happen.”
Lord O’Neill, as he will be known, takes over from former LOCOG chief executive Lord Deighton, who served as commercial secretary in the last government.
Perhaps best known for coining the acronym “BRIC” to describe the emerging markets of Brazil, Russia, India and China, Lord O’Neill spent 15 years at Goldman. He was chairman of the bank’s asset management business when he stepped down in 2015.
Yesterday’s announcement marked the final appointment to Osborne’s new all-Tory treasury team.