Jim O’Neill’s decision to quit gives Theresa May something of a headache

Jim O’Neill, who was somehow overlooked in Theresa May’s purge of the Osbornites, has become the first person to resign from her Government. A few weeks ago, the former Goldman Sachs chairman said he wanted assurances that she remained committed to the Northern Powerhouse agenda. It seems that no such undertakings were received. In his somewhat terse letter this morning, he had this to say:

‘I primarily joined however for the specific purpose of helping deliver the Northern Powerhouse, and to help boost our economic ties with key growing economies around the world, especially China and India and other rapidly emerging economies.

The case for both to be at the heart of British economic policy is even stronger following the referendum, and I am pleased that, despite speculation to the contrary, both appear to be commanding your personal attention.’

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So he has quit as Commercial Secretary to the Treasury and has also resigned the Tory whip in the Lords, in a further raspberry blown to Mrs May.