Economic adviser O'Neill rules out government job but backs PM's devolution plans

Lord O'Neill's decision to rule out a government job may come as a surprise to some, given his high-profile background and the speculation surrounding his potential appointment as Andy Burnham's chief economic adviser. However, his endorsement of the Prime Minister's devolution plans is significant, as it lends credibility to the government's efforts to decentralize power and boost local economies.

O'Neill's involvement in the government's economic policy is not new, having served as the chief economic adviser to the Treasury from 2014 to 2017. His support for devolution plans suggests that he sees potential for regional growth and development outside of London. This could be a welcome boost for areas that have historically felt left behind by economic growth, and may help to address some of the regional disparities that have become a pressing concern in British politics.

As the government continues to push ahead with its devolution agenda, it will be worth watching how O'Neill's influence shapes policy in this area. Additionally, with the ongoing debate about the UK's economic future, particularly in the context of Brexit, O'Neill's insights and expertise will likely remain highly sought after. The government's ability to deliver on its devolution promises and stimulate growth in regions across the country will be a key test of its economic policy, and one that O'Neill's backing could help to inform.

Originally reported by bbc.co.uk. MyNews adds analysis for general news readers.