The former Co-operative Group director Lord Myners has said that he wants to see the group survive and that he supports its model of governance.

Lord Myners, who was made a director in December but resigned last week after his suggestions for reforming the group’s management hit resistance.

In an open letter to his critics, Lord Myners said: “Don't be deceived by all the ill-informed comment on my Co-op Group review. I want to see the group survive, and will protect its values."

The group’s results are expected this week, with losses of £2.5 billion being anticipated by analysts.