Former Labour minister Paul Myners dies aged 73: Gordon Brown leads tributes to ‘tower of power’ ex-Metropolis banker who suggested authorities on bailout after 2008 monetary crash

  • Former Labour minister Paul Myners died  in early hours of the morning aged 73
  • He oversaw the federal government bailout of 2008 monetary crash as Treasury Minister
  • Lord Myners was adopted aged three earlier than turning into profitable metropolis banker
  • He was made life peer in 2008, remaining on the Labour benches till 2014

Paul Myners, a former Labour minister and metropolis banker who suggested the federal government on the bailout of the historic 2008 monetary crash, has died aged 73.

His household confirmed he ‘handed away peacefully’ at Chelsea and Westminster Hospital in west London within the early hours of this morning.

Former Prime Minister Gordon Brown led tributes to the ex-city banker at the moment, describing him as a ‘tower of power’ whose charitable work shall be ‘lengthy remembered’.

Lord Myners was adopted from a Bathtub orphanage by a Cornish butcher and hairdresser aged three and grew up in Truro, earlier than successful a scholarship to attend a Methodist college.

He was initially an inner-city trainer in London, however later turned a monetary journalist for the Each day Telegraph and chairman of the Guardian Media Group (GMG). 

Nevertheless, Lord Myners was ennobled in 2008 when Mr Brown introduced him into the federal government as a Treasury Minister with accountability for the Metropolis.

He served because the Monetary Companies Secretary in HM Treasury from October 2008 to Could 2010, and was consequently made a life peer.

Throughout his time in authorities, Lord Myners helped the then Prime Minister to organise a £400 billion financial institution rescue that noticed the amalgamation of HBOS and Lloyds – the UK’s fifth and sixth largest banks on 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

Paul Myners, a former Labour minister and life peer, died within the early hours of Sunday morning, his household confirmed in an announcement

Lord Myners pictured in the Queen's Robing Room before being introduced to the House of Lords as Lord Myners, of Truro, in 2009

Lord Myners pictured within the Queen’s Robing Room earlier than being launched to the Home 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 previous Treasury Minister pictured exterior 10 Downing Road forward of a cupboard assembly in January 2009

The daddy-of-five has additionally beforehand served as chairman of the trustees of the Tate and chairman of the Low Pay Fee. 

Mr Brown stated at the moment: ‘My ideas are with Paul’s household. After a profitable profession in finance [he] was persuaded in 2008 to enter public service and was a tower of power, serving to nationalise key banks and producing a plan to beat the worldwide monetary disaster. 

‘His charitable work in his native Cornwall shall be lengthy remembered.’

Carolyn McCall, ITV chief govt and who was chairman throughout Lord Myners’ time at GMG, added: ‘Paul was formidable with an excellent mind, an entrepreneurial spirit and a prodigious work ethic. 

‘He didn’t undergo fools in any respect, was a troublesome taskmaster and had a depraved sense of humour. I liked working with him and discovered a lot when he chaired Guardian Media Group.’

Lord Myners, who was additionally beforehand chair of Marks & Spencer, entered the Home of Lords when he was made a life peer in 2008, remaining on the Labour benches till 2014 when he turned a crossbench peer.

He’s survived by his 5 kids and 5 grandchildren.

In an announcement, his household stated: ‘With nice unhappiness we announce the lack of our beloved father Lord Paul Myners (1948-2022). He handed away peacefully within the early hours of this morning (Sunday) at Chelsea & Westminster Hospital. 

‘He shall be deeply missed and in our hearts ceaselessly.’