U.K. Austerity Isn’t Working, Goldman’s O’Neill Says

U.K. Prime Minister David Cameron’s commitment to cutting Britain’s debt isn’t working and is leaving the country in a similar position to the “weaker” euro-area nations, Goldman Sachs Asset Management Chairman Jim O’Neill said.

Political expediency will lead Cameron and Chancellor of the Exchequer George Osborne to change their strategy as the 2015 election approaches, O’Neill said in an interview with Bloomberg Television’s Mark Barton in Cernobbio, Italy.