Bloomberg Talks Ex-UK Treasury Minister Jim O'Neill Talks Starmer, Bond Markets
May 11, 2026
Jim O'Neill, former Goldman Sachs chief economist and ex-UK Treasury minister, discusses UK politics and markets. He weighs leadership stability versus churn. He explains how comments from regional figures rattle gilt markets and why local devolution matters. He calls for a quickly believable growth plan, warns about Reform Party fiscal risks, and critiques the pension triple lock.
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Give Starmer Time Instead Of Frequent Leadership Swaps
- Keir Starmer should be given time rather than replaced quickly after poor local results.
- Jim O'Neill argues frequent leader changes (as with the Tories) damage parties and the public won't buy repeated dramatic replacements.
Bond Markets Punished Andy Burnham's Anti Market Line
- Andy Burnham's remark that politicians shouldn't be 'in hock' to the bond market has cost him market credibility.
- O'Neill links gilt spread moves to speculation about Andy and says markets have clearly reacted negatively.
Greater Manchester Momentum Means Keep Burnham Local
- O'Neill says he wants Andy Burnham to stay in Greater Manchester because of momentum in the Northern Powerhouse.
- He cites Greater Manchester's decade of devolution and progress as a reason Andy shouldn't pursue national leadership now.