He did not give a reason for his departure but UK media reports indicate it was a result of growing tensions with Mays approach. There had been growing speculation over Lord ONeills resignation following a report in the Financial Times in July that cited his unhappiness after May announced a shock review into the 18-billion-pound Hinkley Point project involving China. ONeill is best known for coining the phrase "BRICS", an acronym for the emerging economies of Brazil, Russia, India, China and South Africa and was a close aide to Cameron. May said she was sorry about ONeills resignation and thanked him for his service. Downing Street announced that Lord Young of Cookham will become the new Treasury spokesman in the House of Lords.

Source: India Today September 23, 2016 14:22 UTC