Jim O'Neill gains peerage and ministerial role in Treasury team

The former Goldman Sachs economist, who becomes George Osborne's commercial secretary, will be made a Conservative life peer

Jim O'Neill, the former Goldman Sachs chief economist who coined the phrase "Brics", has been handed a Conservative peerage and a ministerial appointment in George Osborne's new Treasury team.

Speaking in Manchester as he launched the latest phase of his "Northern Powerhouse" initiative, the chancellor said that O'Neill, who will be made a Conservative life peer, would be given special responsibility for driving forward devolution to cities outside London under the title of commercial secretary.