Former Treasury minister Lord Myners passes away aged 73

Lord Myners, who advised Gordon Brown during the historic UK banking bailout in 2008, has died aged 73


Lord Myners has passed away, at the age of 73. As a Treasury minister, following the 2008 financial crash, he famously advised former prime minister Gordon Brown on the historic bailout of the British banking system. He died in the early hours of today, Sunday, January 16.
A statement from 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 and Westminster Hospital. He will be deeply missed and in our hearts forever”.
Lord Myners was a British businessman and politician who joined Gordon Brown’s Labour government as a Financial Services Secretary. He was tasked with the job of orchestrating a major £400bn bank rescue operation to salvage the British banking system.
His work resulted in Lloyd’s TSB – at the time the fifth-largest bank in the UK – merging with the sixth biggest, HBOS, then the largest mortgage brokers in the country.
He held his position as a Treasury minister from October 2008 until May 2010. As he was not an elected Member of Parliament, Lord Myners was subsequently made a life peer as a consequence of his appointment.
In 2014, Lord Myners resigned the Labour whip after joining the board of the Co-operative Group. Until July 2015 he sat as a non-affiliated member in the House of Lords, becoming a crossbench peer after that.
As an infant, he had been adopted by a family from Truro, so grew up in the Cornish county. He had a two-year spell as a teacher after graduating from the University of London, Institute of Education, with a degree in Education, and a Certificate in Education.
Leaving the teaching world, Lord Myners moved into the world of finance, becoming a financial journalist, before eventually NM Rothschild, the investment bank. He was chairman of the Guardian Media Group (GMG), which publishes both the Guardian and Observer newspapers. This role ran from 2000, until his appointment as Treasury minister in 2008.
Lord Myers is survived by his five children and five grandchildren.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com

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