I was brought up in Cornwall. After qualifying as a school teacher I was employed by the Inner London Education Authority. This was a mistake for both of us. After two years I opted for the safety of business journalism with the Daily Telegraph and then moved on to the investment bank N M Rothschild & Sons and the investment manager, Gartmore. I spent 11 years at the former and 16 years with the latter, as either chairman or chief executive.

I retired from executive employment in 2001. I am now chairman or a director of a number of public and private companies, including Land Securities and the Guardian Media Group, a member of the Court of Bank of England and Chair of the Low Pay Commission. I am also a Trustee of the Smith Institute and Glyndebourne.

My wife Alison is Chair of the Contemporary Art Society and a Trustee of the Royal Academy Trust.

I have five children and we live in London and Cornwall.