Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Don't get blindsided over EU, warns Goldmans' O'Neill

3 Comments
Don't get blindsided over EU, warns Goldmans' O'Neill

Goldman Sachs chair Jim O'Neill has urged UK manufacturers not to get 'blindsided' by Europe.

O'Neill warned British manufacturers would be better off improving relations with the Brics, rather than focusing exclusively on repairing trade lines with the battered single currency bloc.

Speaking at the EEF manufacturing conference, O'Neill said: 'Given the speed of growth in China and others, I don't think we can afford to have our opportunities constrained.

'While our position with the eurozone is of number one importance, we should not get blindsided as that being the key for our export future,' O'Neill added.

Turning to other parts of the economy, the respected retiring economist also warned the government off policies that could prove harmful.

These included tightening up on immigration and slashing the deficit too quickly.

Chancellor George Osborne (pictured) is already under pressure to ensure the UK's recovery stays on track, particularly after Britain was stripped of its AAA status.

Other economies like the US have been slower to introduce spending cuts, and while this did not shield it from ratings agency downgrades, it seems to have paid off in the longer term.

O'Neill urged that when it came to growth, a rising work force could be beneficial, and warned Osborne not to pursue policies that would 'impede' the economy.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter