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Man who coined ‘BRICS’ quits British government
LONDON: Economist Jim O’Neill, who coined the acronym BRICS to reflect growing economies in 2001 and foresaw the rise of India’s economy, resigned on Friday as treasury
LONDON: Economist Jim O’Neill, who coined the acronym BRICS to reflect growing economies in 2001 and foresaw the rise of India’s economy, resigned on Friday as treasury minister in the Theresa May government reportedly over differences on its approach towards China.
BRICS stands for Brazil, Russia, India, China and South Africa. A Conservative member of the House of Lords, O’Neill said he will also give up his party affiliation and sit in the House as a cross-bench peer. He was part of the treasury team of former chancellor George Osborne.
In his resignation letter, O’Neill wrote: “I primarily joined... for the specific purpose of helping deliver the Northern Powerhouse, and to help boost our economic ties with key growing economies around the world, especially China and India, and other rapidly emerging economies.
“The case for both to be at the heart of British economic policy is even stronger following the (Brexit) referendum, and I am pleased that, despite speculation to the contrary, both appear to be commanding your personal attention. I am leaving knowing that I can play some role supporting these critical initiatives as a non-governmental person.”
However, reports said he has been unhappy with May’s approach to China after she decided to review the Hinckley Point nuclear power project, which includes Chinese investment. It has since received the green signal.
May said she was sorry about O’Neill’s decision. “You have made a significant contribution to driving forward the government’s work on delivering growth beyond the south-east through the Northern Powerhouse and on promoting stronger economic links with emerging economies, including China and India,” she said. “You have laid important foundations in these areas, and the government will build on them.”
