Former Labour minister Paul Myners dies aged 73: Gordon Brown leads tributes to ‘tower of strength’ ex-City banker who advised government on bailout after 2008 financial crash
- Former Labour minister Paul Myners died in early hours of the morning aged 73
- He oversaw the government bailout of 2008 financial crash as Treasury Minister
- Lord Myners was adopted aged three before becoming successful city banker
- He was made life peer in 2008, remaining on the Labour benches until 2014
Paul Myners, a former Labour minister and city banker who advised the government on the bailout of the historic 2008 financial crash, has died aged 73.
His family confirmed he ‘passed away peacefully’ at Chelsea and Westminster Hospital in west London in the early hours of this morning.
Former Prime Minister Gordon Brown led tributes to the ex-city banker today, describing him as a ‘tower of strength’ whose charitable work will be ‘long remembered’.
Lord Myners was adopted from a Bath orphanage by a Cornish butcher and hairdresser aged three and grew up in Truro, before winning a scholarship to attend a Methodist school.
He was initially an inner-city teacher in London, but later became a financial journalist for the Daily Telegraph and chairman of the Guardian Media Group (GMG).
However, Lord Myners was ennobled in 2008 when Mr Brown brought him into the government as a Treasury Minister with responsibility for the City.
He served as the Financial Services Secretary in HM Treasury from October 2008 to May 2010, and was consequently made a life peer.
During his time in government, Lord Myners helped the then Prime Minister to organise a £400 billion bank rescue that saw the amalgamation of HBOS and Lloyds – the UK’s fifth and sixth largest banks at the time.
Paul Myners, a former Labour minister and life peer, died in the early hours of Sunday morning, his family confirmed in a statement
Lord Myners pictured in the Queen’s Robing Room before being introduced to the House of Lords as Lord Myners, of Truro, in 2009
The former Treasury Minister pictured outside 10 Downing Street ahead of a cabinet meeting in January 2009
The father-of-five has also previously served as chairman of the trustees of the Tate and chairman of the Low Pay Commission.
Mr Brown said today: ‘My thoughts are with Paul’s family. 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.’
Carolyn McCall, ITV chief executive and who was chairman during Lord Myners’ time at GMG, added: ‘Paul was formidable with a brilliant brain, an entrepreneurial spirit and a prodigious work ethic.
‘He didn’t suffer fools at all, was a tough taskmaster and had a wicked sense of humour. I loved working with him and learned so much when he chaired Guardian Media Group.’
Lord Myners, who was also previously chair of Marks & Spencer, entered the House of Lords when he was made a life peer in 2008, remaining on the Labour benches until 2014 when he became a crossbench peer.
He is survived by his five children and five grandchildren.
In a statement, his family said: ‘With great sadness we announce the loss of our beloved father Lord Paul Myners (1948-2022). 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.’
Source: Read Full Article