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Paul Myners in newly-created role of Minister for the City

The Prime Minister is expected to confirm former Gartmore chairman Paul Myners in the newly-created role of Minister for the City.

Myners will be part of the economic council that Gordon Brown is setting up, which will meet twice weekly to address the financial crisis.

The National Economic Committee will include both ministers with economic responsibilities and business leaders.

It is as yet unclear whether Myners, who has been tipped for a peerage, will retain his role as chairman of the Personal Accounts Delivery Authority or how his newly-created ministerial position will affect that of economic secretary to the Treasury Kitty Ussher.

Myners was responsible for producing a report into pension funds’ payments of soft commissions to brokers who bought shares on their behalf.

At one stage he briefly questioned IFAs and commissions paving the way for a retail version of his review to later be conducted by Ron Sandler.

Talking to Money Marketing after the review Myners said he thought IFAs provided a valuable service.

Brown’s Cabinet reshuffle today has also seen the appointment of a new housing minister Margaret Beckett.

Beckett replaces Caroline Flint who has moved to become minister of state for Europe.

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