Lord Myners, energetic businessman noted for his role as Gordon Brown's ‘City minister' in the rescue of RBS – obituary

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Lord Myners, who has died aged 73, was a financier and company chairman – notably of Guardian Media Group, Marks & Spencer and the Gartmore investment group – who served as Gordon Brown’s front-line City negotiator during the high dramas of the 2008 financial crisis.

Lord Myners, energetic businessman noted for his role as Gordon Brown’s ‘City minister’ in the rescue of RBS – obituary
© Martin Pope Myners: ‘glossy and congenial’ – Martin Pope

the latest tech news, global tech news daily, tech news today, startups, usa tech, asia tech, china tech, eu tech, global tech, in-depth electronics reviews, 24h tech news, 24h tech news, top mobile apps, tech news daily, gaming hardware, big tech news, useful technology tips, expert interviews, reporting on the business of technology, venture capital funding, programing language

Paul Myners’s suitability for that role derived from being both an insider and a self-declared outsider in the financial world. “I have worked in the City but I have never been of the City,” he remarked shortly after his elevation to the House of Lords in October 2008 to become financial services secretary (“City minister” for short) at the Treasury.

Known, as one profile writer put it, for his “iconoclastic views, considerable ego and ferocious temper”, a high-energy business career had brought him a multimillion fortune – but he was also a long-time Labour supporter with a passionate interest in prison reform and issues related to low pay. 

Global Tech News Daily

Gordon Brown called him “a tower of strength” during the negotiations that preceded the bailouts of Royal Bank of Scotland and Lloyds; the Chancellor, Alistair Darling, added that Myners brought the advantage of being able to speak to bankers “in a language they understand”.

Lord Myners, energetic businessman noted for his role as Gordon Brown’s ‘City minister’ in the rescue of RBS – obituary
© Provided by The Telegraph Yvette Cooper, Chancellor of the Exchequer Alistair Darling, Paul Myners and Angela Eagle leaving the Treasury building in 2008 – Oli Scarff/Getty Images

Global Tech News Daily

During his 18-month Treasury tenure, Myners took responsibility for a range of routine functions such as debt management and relations with the Financial Services Authority. But it was for his part in the fraught RBS rescue, finalised with a £20 billion injection to create a 63 per cent state shareholding, in the early hours of Monday October 13 (just 10 days after he had been appointed), that he attracted public attention.

One observer described his combative style as “less of a negotiation, more of a drive-by shooting” – but Myners later drew criticism for the perceived failure to strip the departing RBS chief executive Fred Goodwin, who was a focus of public anger, of his luxurious pension entitlements.

Recollections differed between Myners and RBS chairman Sir Tom McKillop as to how the matter had been addressed. But when it became known that Goodwin was leaving with a contractual pension worth more than £700,000 a year, the accusation was made (not least by the Treasury select committee) that Myners had failed to see how offensive the payoff would appear to those suffering hardship from RBS’s collapse.

Goodwin eventually accepted a halving of his pension. Other commentators praised Myners and his colleagues for a complex and effective rescue completed under formidable pressure.

Born on April 1 1948, Paul Myners was adopted from an orphanage at six months old by Thomas and Caroline Myners, a fisherman-turned-butcher and a hairdresser. Brought up in a small terraced house in Truro, he won a scholarship to Truro School and trained as a teacher at the University of London Institute of Education.

But classroom life in a south London school proved unexciting. Seeking a new direction, Myners entered the City as a “blue button” (junior) with the stockjobbers Wedd Durlacher, a job which largely involved “putting bets on races” for the partners. In 1970 he moved to journalism with The Daily Telegraph, writing share tips and covering the secondary banking crisis of 1973-4 for the City pages under Kenneth Fleet’s editorship.

Next he was talent-spotted by the merchant bank NM Rothschild & Sons – advancing via a stint in Kuala Lumpur to become head of the Hong Kong office and an ambitious young investment director in London. Further promotion was blocked by Rothschild scions and in 1985 he was recruited to be chief executive (later chairman) of Gartmore, an institutional fund manager originally set up by the British & Commonwealth shipping company to nurture the wealth of its founding Cayzer dynasty.

During his 16 years at the helm, Gartmore grew from £1 billion of funds under management to £75 billion, floated on the stock exchange and was bought and sold several times over, securing a personal haul for Myners that was estimated, by the time he became a minister, at £30 million.

Meanwhile, he chaired the Guardian Media Group from 2000 to 2008, steering the strategy which led to the eventual £600 million sale of its stake in the Auto Trader classified advertising business and the creation of a fund to underpin losses on the Guardian and Observer.

At Marks & Spencer, he stepped up from non-executive director to interim chairman in 2004 – alongside Stuart Rose as chief executive – to see off an aggressive takeover approach by Sir Philip Green, who later declared that he wanted to give Myners “a proper f—ing kick in the head”.

Among a vast portfolio of other commitments – he managed his diary from the back of a chauffeured car between meetings – Myners was chairman of the property giant Land Securities, the healthcare group Huntsworth and the PR firm Edelman, and deputy chairman of PowerGen. He was a member of the Court of the Bank of England and an adviser to Singapore’s sovereign wealth fund.

Author of a string of government reports, he also led independent reviews on matters ranging from the governance of the Co-operative Group to pay rows in premiership rugby. He was president of the Howard League for Penal Reform and chairman of the Low Pay Commission.

Away from business and public life, Myners was described as “glossy and congenial” and “out and about most evenings” in realms of high culture.

He chaired the Tate Gallery, was a trustee of Glyndebourne and an adviser to the London Symphony Orchestra; he also chaired the council of the LSE and since 2016 had been Chancellor of the University of Exeter. He collected contemporary art in London and Cornish naïve painters in his West Country retreat.

He was appointed CBE in 2003. In the House of Lords he resigned the Labour whip in 2014, later sitting as a crossbencher.

Both his marriages, first to Evelyn Stanford-Smith and secondly, in 1995, to Alison Macleod (who as Lady Myners chairs the Royal Academy Trust) were dissolved. He is survived by three daughters of the first and a son and a daughter of the second.

Lord Myners, born April 1 1948, died January 16 2022

Sign up to the Front Page newsletter for free: Your essential guide to the day’s agenda from The Telegraph – direct to your inbox seven days a week.

News Related

OTHER NEWS

New York Rangers get another comeback win to force Game 7 vs. Pittsburgh Penguins

PITTSBURGH — How many times can the New York Rangers dig themselves into a hole and climb back out? At least one more, as of Friday night. The Blueshirts came ... Read more »

Wilson, balanced Aces cruise to 96-73 victory over Dream

COLLEGE PARK, Ga. (AP) — A’ja Wilson scored 15 points, Kelsey Plum had 14 points and 11 assists and the Las Vegas Aces rolled to a 96-73 victory over the ... Read more »

EXPLAINER: Why frustration lingers in Okinawa 50 years later

The Associated PressFILE – U.S. Marine Corps Sgt. Mike Anglen of Turner, Ore., center, stands atop a cliff as Sgt. Bryan Wallace of Pikin, Ill., waits for his turn before ... Read more »

Astros beat Nationals 6-1 for 11th straight victory

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, Yordan Alvarez and Yuli Gurriel also went deep and the Houston Astros extended their winning streak to ... Read more »

Kreider scores late, Rangers edge Pens 5-3 to force Game 7

PITTSBURGH (AP) — Chris Kreider’s long slap shot bounced over Louis Domingue and into the net with 1:28 left and the New York Rangers beat the Pittsburgh Penguins 5-3 on ... Read more »

Astros push winning streak to 11, roll past Nationals 6-1

WASHINGTON (AP) — Jose Altuve homered on the first pitch of the game, and Yordan Alvarez and Yuli Gurriel also went deep to help the Houston Astros extend their winning ... Read more »

Moustakas, Drury power Reds to 8-2 victory over Pirates

PITTSBURGH (AP) — Mike Moustakas homered twice and Brandon Drury drove in four runs to break out of a slump and lead the resurgent Cincinnati Reds to an 8-2 victory ... Read more »

Peterson's bases-loaded walk lifts Brewers over Marlins 2-1

MIAMI (AP) — Jace Peterson walked against Anthony Bender with the bases loaded in the ninth inning and the Milwaukee Brewers beat the Miami Marlins 2-1 Friday night. After starters ... Read more »

Padres: No cancer found during manager Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Ogunbowale, Gray help Wings rally past Mystics, 94-86

WASHINGTON (AP) — Arike Ogunbowale scored 27 points, Allisha Gray had 21 and the Dallas Wings overcame a 15-point second-quarter deficit to beat the Washington Mystics 94-86 on Friday night. ... Read more »

Resigning North Dakota senator led lawmakers in travel costs

The Associated PressFILE – North Dakota Sen. Ray Holmberg listens during a joint House and Senate Appropriations Committee meeting at the Capitol in Bismarck, N.D., on Jan. 7, 2009. Holmberg, ... Read more »

Residents in picturesque California county hit with gas prices topping $7 a gallon

A California county known for its spectacular mountains and proximity to Yosemite National Park has been paying the nation’s highest gas prices. Read more »

Boudreau to return as coach of Canucks next season

VANCOUVER, British Columbia (AP) — Bruce Boudreau will return as coach of the Vancouver Canucks next season after helping to turn the struggling NHL club around as a midyear replacement. ... Read more »

New Zealand leader Jacinda Ardern tests positive for COVID

On Location: May 13, 2022 Catch up on the developing stories making headlines.The Associated Press WELLINGTON, New Zealand — New Zealand Prime Minister Jacinda Ardern has tested positive for COVID-19 ... Read more »

Today in History for May 14th

Highlights of this day in history: Colonists go ashore in Virginia to set up Jamestown; Lewis and Clark begin to explore Louisiana Territory; Israel founded; Skylab launched; Movie producer George ... Read more »

Twitter CEO expects Elon Musk acquisition to close, addresses spending cuts

Musk is awaiting details supporting calculations that spam, fake accounts represent less than 5% of Twitter's users Read more »

Padres: No cancer found during Bob Melvin's prostate surgery

SAN DIEGO (AP) — The San Diego Padres say no cancer was found when manager Bob Melvin had prostate surgery on Wednesday. Melvin, 60, was recovering at home Friday after ... Read more »

Renovated NYC museum shows indigenous perspectives

The American Museum of Natural History in New York City recently finished a major renovation of its exhibition on the native peoples of the northwest coast of North America. Curators ... Read more »

Police release 911 calls in Gilgo Beach case

A woman who disappeared in a beach community on New York’s Long Island more than a decade ago, sparking an investigation into a possible serial killer, said “there’s somebody after ... Read more »

Academy Awards set 2023 Oscars for March 12

The Associated PressFILE – Oscar statue on the red carpet at the Oscars on Sunday, March 27, 2022, at the Dolby Theatre in Los Angeles. Next year’s Academy Awards will ... Read more »

Actor Fred Ward, of 'Tremors,' 'The Right Stuff' fame, dies

The Associated PressFILE – Fred Ward, a cast member in “30 Minutes or Less,” poses at the premiere of the film in Los Angeles on Aug. 8, 2011. Ward, a ... Read more »

Judge refuses to drop elections suit against Trump, media

NEW YORK — A Colorado judge on Friday denied motions to dismiss a defamation lawsuit filed by an election systems worker against former President Donald Trump’s campaign, two of its ... Read more »

Q&A: Becky G unveils every side of herself in latest album

The Associated PressFILE – Becky G appears at the Oscars in Los Angeles on March 27, 2022. Beck G’s latest album is “Esquemas.” (AP Photo/Jae C. Hong, File) NEW YORK ... Read more »

North Korea reports 21 new deaths as it battles COVID-19 outbreak

SEOUL, South Korea — North Korea reports 21 new deaths as it battles COVID-19 outbreak. Read more »

North Korea confirms 21 new deaths as it battles COVID-19

SEOUL, South Korea — North Korea says 21 people died and 174,440 people were newly found with fever symptoms on Friday alone as the country scrambles to slow the spread ... Read more »

White Sox place Giolito on COVID list, activate Vaughn

The Chicago White Sox placed ace Lucas Giolito on the COVID-19 injured list and activated outfielder Andrew Vaughn following a rehab assignment with Triple-A Charlotte on Friday. Giolito began experiencing ... Read more »

Traded back and forth, Ford learns to live out of suitcase

NEW YORK (AP) — Mike Ford has learned to travel light — and quickly. Since the start of the season, the 29-year-old first baseman has played for Tacoma, San Francisco ... Read more »

Falcon 9 rocket launches Starlink satellites

A SpaceX Falcon 9 rocket launched 53 Starlink satellites to low-Earth orbit from California on Friday. (May 13) Read more »

Celtics' Robert Williams remains out for Game 6 vs. Bucks

MILWAUKEE (AP) — Boston forward/center Robert Williams missed his third straight game with an injured left knee as the Celtics tried to keep their season alive Friday night in Game ... Read more »

Padres sign Robinson Canó, plan to use him off the bench

ATLANTA (AP) — The San Diego Padres have signed veteran second baseman Robinson Canó to a major league contract and plan to use him as a left-handed bat off the ... Read more »

WNBA star's Russia detention extended by 1 month

The lawyer for WNBA star Brittney Griner says her pre-trial detention in Russia has been extended by one month. Alexander Boykov told The Associated Press the relatively short extension indicated ... Read more »

Louisiana justices toss COVID-related charges against pastor

Hundreds of thousands of Americans fighting long-haul symptoms from COVID-19 Dr. David Putrino from Mount Sinai Health System and COVID long-hauler Joel Fram discuss the long-term effects of the disease.The ... Read more »

Sandy Hook lawsuits against Alex Jones on track to resume

The Associated PressFILE – This Tuesday, Dec. 11, 2018, photo shows radio show host and conspiracy theorist Alex Jones at Capitol Hill in Washington. The Sandy Hook families’ lawsuits against ... Read more »

Rockies' Bryant closer to return after cortisone shot

DENVER (AP) — Colorado Rockies outfielder Kris Bryant took swings in the cage Friday for the first time since he was sidelined with a sore back nearly three weeks ago ... Read more »

Mariners demote Jarred Kelenic to minors after poor start

NEW YORK (AP) — Rather than make his Citi Field debut against the team that traded him, Jarred Kelenic was demoted to Triple-A Tacoma by the Seattle Mariners on Friday ... Read more »

Biden: ASEAN partnership 'critical' in this moment

Looking to strengthen ties, President Joe Biden welcomes leaders from the Association of Southeast Asian Nations to Washington for the first time. “We’re launching a new era in U.S.-ASEAN relations,” ... Read more »

Phil Mickelson will not defend his title at next week's PGA Championship

Phil Mickelson caught lightning in a bottle last year at Kiawah Island, winning a major championship at 50 years of age. The fairways flooded, and the golf world stood and ... Read more »

Tennessee Titans' Malik Willis on Ryan Tannehill's mentorship comments: 'Everything is cool'

The Tennessee Titans didn’t take issue with Ryan Tannehill’s comments about mentoring third-round rookie Malik Willis. Willis and coach Mike Vrabel were asked about Tannehill’s scrutinized remarks following the first ... Read more »

Lawyers plan suit against Lufthansa over Jewish passengers

Lawyers for 26 passengers said Friday they told Lufthansa that they will sue the German airline for refusing to let members of a large group of Orthodox Jewish passengers board ... Read more »

Wild face offseason after yet another early ouster

While the Minnesota Wild were stacking up franchise records and securing the extra home game for the first round, general manager Bill Guerin carefully acknowledged a “great year” for the ... Read more »