Former Labor Minister and City Colonel Lord Paul Myners has died aged 73, his family has confirmed.
In a statement first published in the Guardian, his family said that Myners passed away at dawn on Sunday.
“It is with great sadness that we announce the passing 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 forever in our hearts.”
Myners served under Labor prime minister Gordon Brown as City Secretary of the Treasury for two years until 2010.
Brown appointed Myners to the position when the financial crisis erupted in 2008 following the collapse of Lehman Brothers. He was brought with a purpose.”vocative behavioral threats facing the banking system and individual banks”.
In this role, he assisted Brown with a multibillion-pound bailout for banks such as Barclays, HSBC and HBOS.
The former prime minister paid tribute to his former colleague in the Guardian, noting that his thoughts are with the Myners family.
He said: “After a successful career in the financial sector, in 2008 he was persuaded into public service and was a tower of power, helping to nationalize key banks and come up with a plan. overcome the global financial crisis. His charitable work in his native Cornwall will be forever remembered.”
He was appointed to the House of Lords in 2008 as a fellow Laborer, before moving to the benches in 2014. In the years that followed, Myners also served as Chancellor of the University of Exeter and PR team president Daniel J Edelman. .
Prior to joining Brown’s government, Myners, of working-class parents, was self-made in the City, working his way up to becoming the chief executive officer of the fund company Gartmore.
He went on to hold directorial positions at companies including NatWest and hedge fund GLG, chaired Marks and Spencer and joined the Bank of England’s Court of Directors.
His influential review of institutional investing in the UK in 2001, called Myners’ report, questioned whether institutional investors were acting in the best interests of their beneficiaries and caused a disturbance in the way pension funds were run.
Between 2000 and 2008, Myners was also president of the Guardian Media Group, responsible for publishing both the Guardian and Observer newspapers, a role he gave up when he joined the Brown administration.