Former Labour minister and City grandee, Lord Paul Myners has passed away at the age of 73, his family have confirmed.
In a statement first published in the Guardian newspaper, his family said that Myners died in the early hours of Sunday morning.
“With great sadness we announce the loss of our beloved father Lord Paul Myners (1948-2022),” his family said. “He passed away peacefully in the early hours of this morning (Sunday) at Chelsea & Westminster Hospital. He will be deeply missed and in our hearts forever.”
Myners served under Labour prime minister Gordon Brown as the City minister in the Treasury for two years until 2010.
Brown appointed Myners to the position as the financial crisis unfolded in 2008 following the collapse of Lehman Brothers. He was brought in with the aim of “addressing the behavioural threats faced by the banking system and individual banks”.
While in the role, he assisted in Brown’s billion-pound bailout package for banks that included the likes of Barclays, HSBC and HBOS.
The former prime minister paid tribute to his former colleague in the Guardian, noting that his thoughts were with Myners’ family.
He said: “After a successful career in finance he was persuaded in 2008 to enter public service and was a tower of strength, helping nationalise key banks and producing a plan to overcome the global financial crisis. His charitable work in his native Cornwall will be long remembered”.
He was appointed to the House of Lords in 2008 as a Labour peer, before moving to the cross-benches in 2014. In his later years, Myners also held the position of Chancellor of the University of Exeter and chair of PR group Daniel J Edelman.
Prior to joining Brown’s government, Myners, whose parents were blue-collar workers, established himself in the City, working his way up to become chief executive of fund firm Gartmore.
He went on to hold directorships of firms including NatWest and hedge fund GLG, to chair Marks and Spencer and to join the Bank of England’s Court of Directors.
His influential review on institutional investment in the UK in 2001, known as the Myners Report, questioned whether institutional investors acted in the best interests of their beneficiaries and prompted a shake-up in how pension funds are run.
Between 2000 and 2008, Myners also served as chair of Guardian Media Group, responsible for publishing both the Guardian and Observer newspapers, a role he stepped down from when he joined the Brown administration.