Jim brings a wealth of experience from investment banking and corporate finance to the Treasury, after a long career at Bank of America. He also has experience in the public sector, spending three years at UK Financial Investments. As Chief Executive of UKFI, he managed the government’s holdings in Royal Bank of Scotland, Lloyds Banking Group, and UK Asset Resolution.
His appointment is part of the government’s plan to deliver its number one mission to kickstart economic growth as part of the Plan for Change, and follows the Chancellor’s commitment to lead the most pro-growth Treasury in the country’s history.
Jim’s experience will help the government to secure private investment, boost the economy, and ultimately put more pounds in people’s pockets. His deep knowledge of the private sector will help the government to rip out the barriers to growth, provide support for the key industries at home, and work to secure open and fair trade abroad.
Chancellor of the Exchequer Rachel Reeves said:
I’m very pleased to welcome Jim as our new Second Permanent Secretary, his extensive knowledge of the private sector will be vital in helping us deliver our number one mission to grow the economy. It’s fantastic to have him join the Treasury’s top team.
Jim O’Neil said:
I am delighted to have been appointed Second Permanent Secretary to the Treasury at this important time for our country and our economy. We are living through a time of great change globally, making the need for an economy of stability, resilience, and growth all the more important. I look forward to working with the Chancellor, her ministers, and officials across the department to deliver on these missions so the Treasury can bring positive change to the lives of people right across the country.
Jim is expected to start in his new position in July and will work alongside the two other Second Permanent Secretaries in HM Treasury, Beth Russell who is based at the Darlington Economic Campus and Sam Beckett who is also Chief Economic Adviser. As well as overseeing tax and spending, Beth will continue to be responsible for devolution and regional growth including engagement with regional and local government and others in the north.
Jim was appointed through a fair and open competition and has completed all of the necessary declarations of interest.
