Alistair Darling was Chancellor from 2007 to 2010, taking over from Gordon Brown when he became PM, and was instrumental in instigating the bank rescue when the financial sector was about to implode following the collapse of Northern Rock.

He was appointed as Chancellor in June 2007 after Tony Blair resigned and faced a challenging three years when he had to oversee the bailout of large parts of the banking sector. He remained a cool and calm voice throughout a turbulent period and was instrumental in averting a major financial collapse during a critical time for the country.

His first experience at the Treasury was when he spent a year as chief secretary after the Labour party landslide in 1997. He then went on to head up various departments, including as secretary of state for work and pensions, transport, Scotland, and trade and industry.

A lawyer before entering parliament, he was first elected as an MP in 1987, latterly representing Edinburgh South West. He stepped down as an MP in 2015 and joined the House of Lords when he was made Baron Darling of Roulanish until he retired in 2020.

Long time Chancellor and former Labour PM Gordon Brown said: ‘I am deeply saddened… I, like many relied on his wisdom, calmness in a crisis and his humour.’

Torsten Bell, CEO and economist at the Resolution Foundation said: ‘Alistair Darling was a great man, but never expected to be treated as one. A man who always felt the weight of the huge decisions that public service involves, but was still able to take them – even in the darkest of economic times.’

Keir Starmer, leader of the Labour party said he was ‘deeply saddened’ and praised Darling’s ‘life devoted to public service. He will be remembered as the Chancellor whose calm expertise and honesty helped to guide Britain through the tumult of the global financial crisis’.

‘He was a lifelong advocate for Scotland and the Scottish people and his greatest professional pride came from representing his constituents in Edinburgh.’

Current Chancellor Jeremy Hunt said: ‘A sad day – I want to pay particular tribute to one of my predecessors, Alistair Darling. One of the great Chancellors, he’ll be remembered for doing the right thing for the country at a time of extraordinary turmoil.’

A statement for the family said: ‘The death of Alistair Darling, a former chancellor of the exchequer and long-serving member of the Labour cabinet, was announced in Edinburgh today.

‘Mr Darling, the much loved husband of Margaret and beloved father of Calum and Anna died after a short spell in Western General hospital under the wonderful care of the cancer team.’