Former Labour City minister Lord Paul Myners has died at the age of 73.
In a statement first published in the Guardian newspaper, Myner’s family said he had died in the early hours of Sunday morning.
“With great sadness we announce the loss of our beloved father Lord Paul Myners (1948-2022)," they 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 was born in 1948 in Cornwall.
He served under prime minister Gordon Brown as the City minister in the Treasury. He held the position for two years until May 2010 and was made a life peer as a result of his appointment as he was not an elected MP.
Myners was appointed to the position following the unfolding of the financial crisis in 2008 and assisted in creating Brown’s bailout package for banks.
Nikhil Rathi, chief executive of the Financial Conduct Authority, said: “I am saddened to hear about the death of Lord Myners. I had the privilege to work closely with Paul during the financial crisis and saw at first hand his ability to quickly grasp the enormity of the situation and navigate the whole system towards decisive solutions.
“He always expressed his views frankly and in my most recent discussions with him he continued to be motivated by the need to ensure the integrity of the financial system. I always appreciated his support and I offer my sincere condolences to his family.”
In 2014, Myners also joined the board of the Co-operative Group. Over the course of his career, he had stints with investment bank NM Rothschild and fund manager Gartmore.
He also helped chairing positions at Marks & Spencer and the Guardian Media Group as well as directorships at NatWest, Coutts & Co and Lloyds of London.
In December, he stepped down as chancellor of the University of Exeter after five years in the role.
Myners was also the chairman of communications firm Edelman UK.
In a statement, Ed Williams, president and chief executive officer at Edelman, said: “Paul took on the role as our chairman seven years ago, and he made a huge contribution to the development and success of our firm over his tenure.
“For those of you who met or were in Paul’s orbit, you will know that there was no one quite like him. He brought stature and gravitas to the role with lashings of irreverence and fun. His experience was truly unmatched and there are few people who bring such depth of knowledge and experience from the top of both the private and public sector.
“With a strong moral compass, and having come from a humble start in Cornwall, his social conscience alongside fierce intellect, made him a great leader.”