By Jonathan Davies

Former Goldman Sachs economist Jim O'Neil has joined Chancellor George Osborne's team at the UK Treasury as Commercial Secretary.

Mr O'Neil is famous for coining the term 'BRICs' to refer to Brazil, Russia, India and China - some of the fastest growing economies in the world at the time.

George Obsorne said he chose the former Goldman Sachs economist to "make devolution and the Northern Powerhouse happen".

Under the Chancellor's plans, powers on housing, transport, planning and policing will be devolved to English cities.

Greater Manchester is to the be the first city to receive new power and elect a Mayor. It is hoped it will act as a flagship for other cities.

Jim O'Neil has previously been critical of investment outside of London. He claims that the economy has grown by less than 5% each year between 2000 and 2010 as a result of "chronic" underinvestment.