After entering the House of Lords as a life peer in 2008 on the Labour benches, in 2014 he became a crossbench peer.

In later years, he found himself at odds with the leftward shift of the Labour party and in 2019 told the BBC that he had donated a “significant” sum to what became Change UK, the breakaway group of centrist MPs including Chuka Umunna and Anna Soubry.

Lord Darling, the Chancellor at the time of the financial crisis, described him as a “huge help” and someone who “really made a very significant contribution and was good fun to have in the office”.

“He could speak to the bankers in a language they understood,” he said, adding that it was Myners who would persuade bank chief executives that saving their banks meant losing their jobs.

A statement from his children said: “With great sadness we announce the loss of our beloved father Lord Paul Myners. He passed away peacefully in the early hours of [Sunday] morning at Chelsea & Westminster Hospital. He will be deeply missed and in our hearts forever.”

Nikhil Rathi, chief executive of the Financial Conduct Authority city regulator, said it was a privilege to work with him and praised his ability to take on the biggest tasks.

“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.”

He is survived by four sons and a daughter and five grandchildren.