Goldman chief in drive to help cities succeed


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The Independent Online

Jim O’Neill, the British economist who coined the acronym “Bric” to describe the fast-growing economies of Brazil, Russia, India and China, will today switch his attention to matters closer to home.

The outgoing chairman of Goldman Sachs Asset Management is to launch a report into how other English cities can replicate London’s success and boost the UK economy.

The City Growth Commission is being backed by the Royal Society for the Encouragement of Arts, Manufactures and Commerce, and will feature input from Boris Johnson, the London Mayor, and other experts up and down the country. Its report will be published next autumn.

Mr O’Neill said: “Despite huge strides forward, many of our cities are still not paying their way, let alone achieving their potential.  Our Commission will examine  what mix of powers, incentives  and responsibilities will give our cities the critical mass they need  to succeed.”