‘The US is just so obsessed about being big, it doesn't understand that by others becoming bigger, the US can become wealthier.’
Jim O’Neill, Lord O’Neill of Gatley, is an ex-Treasury Minister, former Chief Economist at Goldman Sachs and Crossbench member of the House of Lords.
In this latest episode of Lord Speaker’s Corner, Lord O’Neill shares his perspectives with Lord McFall of Alcluith on a range of topics, from China and the USA to AI, the risks of rising antimicrobial resistance and why Manchester should be prioritised as Britain’s second city.
At Goldman Sachs, Lord O’Neill coined the term BRIC (Brazil, Russia, India, China) to describe the group of emerging economies. In this episode he shares his thoughts on how that has progressed, as well as President Donald Trump’s current tariffs approach by the US. He explains ‘the path which Trump seems to have embarked on, of aggressive confrontation, is not likely to be sustained because it is in America's interests for China to continue to do well economically.’
He also shares his thoughts on the current approach to AI, warning against letting tech sectors self-regulate: ‘this idea that just let the financial sector regulate itself and there'd be no problem…that didn't turn out too well, did it? And there's a lot of these AI guys wanting to do the same.’
Lord O’Neill also calls for greater devolution, with powers for regions to raise local taxes, suggesting ‘people here (in Westminster) need to have excitement about giving responsibility to local people in these places to make a national difference.’ He also calls for devolution on welfare-spending with health-linked budgets for local authorities: ‘There's a serious case for exploring devolving aspects of the welfare support budget as it links to critical health illness’
See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/
#HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers
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