Lord Myners, a Treasury minister under former prime minister Gordon Brown, has died aged 73.

He advised Mr Brown on the historic bailout of the British banking system following the 2008 financial crash.

Lord Myners died in the early hours of Sunday morning and is survived by his five children and five grandchildren

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.”

Joining Mr Brown’s government in 2008 as a treasury minister, his role involved helping the then-Labour prime minister to orchestrate a £400bn bank rescue, which saw HBOS – Britain’s sixth biggest bank and largest mortgage provider, merge with the fifth biggest bank in Britain, Lloyds TSB.

BoE deputy governor: Banks could still fail – but safely

Northern Rock shareholders ‘must be compensated’

Northern Rock – how the bank given the codename ‘Elvis’ changed the country

Lord Myners held the position until May 2010 and was made a life peer in consequence of his appointment as he was not an elected MP.

After joining the board of the Co-operative Group in 2014, Lord Myners resigned the Labour whip and sat as a non-affiliated member in the House of Lords until July 2015.

Since then, he has sat as a crossbench peer.

Lord Myners was adopted as a toddler by a Cornish family and grew up in Truro.

He graduated from the University of London, Institute of Education with a degree in Education and a Certificate in Education and was a teacher for two years before leaving the profession to join The Daily Telegraph as a financial journalist.

He then moved into finance with the investment bank NM Rothschild.

Lord Myners was chairman of the Guardian Media Group (GMG), which publishes both the Guardian and Observer newspapers, from 2000 until his appointment as Treasury minister in 2008.

Related posts:

Refugees arriving via approved route to be given indefinite leave to remain COVID vaccines could be made mandatory for care workers, says Hancock Lockdown anniversary a moment to reflect on the legacy COVID will leave Ousted DUP leader says he nominated a First Minister against party’s wishes to fight ‘damaging’ Brexit protocol PM says prospect of trans-Pacific trade deal is ‘exciting opportunity’ as negotiations begin Raab says EU ‘seeks to undermine UK’s sovereignty’ over Gibraltar with new negotiating proposals UK and EU ‘cannot go on as we are’ with NI protocol, says Brexit minister PM faces backlash over vaccine certification proposal as Labour critique plans Hancock’s role helping African economies recover from COVID not going ahead, Sky News understands Terror suspect held over murder of MP Sir David Amess is named Ali Harbi Ali, Sky News understands Man arrested for sending death threats to Labour MP on Qatar trip with Sir David Amess MPs sign a blank cheque by offering support for PM’s net zero plans