City leaders welcomed the appointment of Paul Myners as City minister in the Lords, bringing a heavy hitter from the financial services sector into the government at a time of great challenges for the industry.

The former chairman of Marks and Spencer has stood down as chairman of Guardian Media Group and Land Securities in preparation for his new role. He has held many senior positions in British public life, including chairing the Trustees of the Tate and the Low Pay Commission. He also worked closely with Gordon Brown when he was chancellor on inquiries into issues of business governance that were well-received in Whitehall and the City of London.