Paul Myners, the investment guru and former chief executive of fund manager Gartmore, has added his weight to mounting criticism over the low level of tax enjoyed by employees of UK private equity firms compared with workers in other industries.

Myners told Financial News Online this morning there was no rational reason why the general partners at private equity firms should pay less than 10% tax on their earnings when most employees on equivalent levels of income had to pay tax at a rate of 40%.