O’Neill is greatest identified for coining the phrase BRICS, referring to the rising market economies of Brazil, Russia, India, China and South Africa. However he’s no stranger to the U.Ok. authorities, having served briefly as a treasury minister in former Prime Minister David Cameron’s authorities, charged with overseeing a lift to the financial system within the north of England.
Cameron, who campaigned for Britain to stay within the European Union, resigned the day after the Brexit vote, however O’Neill stayed on as Could took the reins, solely to step down in September 2016 amid rumored tensions with the prime minister over her method to China.
Could’s rival and Brexit critic, former International Secretary Boris Johnson, shared his imaginative and prescient of a post-Brexit Britain on Tuesday, during a speech in which he said the government should be cutting taxes to stimulate investment.
O’Neill stated concepts like that had been out of “cloud cuckoo land” and weren’t in line with public feeling in regards to the financial system, together with dismay at seeing company earnings rise whereas wage progress stays muted, for example.
“We have had many nations attempting to decrease company tax fee for the previous decade, however one frequent theme throughout each Group of Seven nation’s enlargement is that funding by no means goes up,” he stated.
“All it does is artificially increase the flexibility of corporations to go on a borrowing spree to purchase again their very own shares and… reporting unending rising earnings on the identical time of never-rising wages is feeding the core of why many regular human beings are fairly cheesed off with life.
“So why say Could’s speech barely shocked me in a optimistic sense is that anyone’s clearly received her antenna going once more for her to be delicate to that.”