Britain names 'BRIC' creator Jim O'Neill as commercial secretary

Chancellor of the Exchequer George Osborne (2nd L) and Commercial Secretary Jim O'Neill (2nd R) chat to workers during a visit to Farnworth Tunnel electrification works in Bolton, England, May 14, 2015. [Photo/Agencies]

LONDON -- Jim O'Neill who coined the term "BRIC" to describe leading emerging markets was appointed by Britain's Treasury as a commercial secretary on Thursday.

There are five secretaries in Britain's Treasury except George Osborne, the Chancellor of the Exchequer in Britain.

O'Neill will be the commercial secretary to the Treasury, who is responsible for boosting infrastructure and improving competition policy.

O'Neill worked for Goldman Sachs from 1995 until April 2013, spending most of his time there as Chief Economist.

He chaired the Cities Growth Commission in Britain until October 2014 when it provided its final recommendations.

The economist is most famous for coining the acronym "BRIC" to describe the core developing economies of Brazil, Russia, India and China.