Overview
- Reports published Monday show that Lord Jim O’Neill and Andy Haldane have not accepted formal government posts despite being widely linked to the prime minister's economic team.
- Lord O’Neill is reported to oppose wealth taxes and to be wary of joining while policies on levies for the very rich remain under discussion, which is a key reason for his hesitation.
- O’Neill’s extensive private shareholdings and the ministerial rule that would require those assets to be placed in a blind trust are cited as practical barriers to any appointment; a blind trust means he would lose direct control and knowledge of his investments while in office.
- Andy Haldane has continued to give informal advice but has not been formally appointed, leaving No.10 without the heavyweight advisory bench that had helped reassure markets before the leadership change.
- The vacancies come as the government must fund early spending pledges, fill a reported £4.7bn defence gap, and set clear, costed plans for the October Budget, a sequence that market commentators warn could heighten pressure on sterling and investor confidence.