Alistair Darling, the Labour chancellor who steered the UK through the 2008 financial crisis, has died aged 70, a family spokesperson has said.
Following Labour’s landslide 1997 election win, Lord Darling served in cabinet for 13 years under Tony Blair and Gordon Brown.
He was best known as the steady pair of hands who shepherded the UK economy as half its banking system collapsed.
The ex-Edinburgh MP died after a short spell in hospital, his family said.
A statement issued on behalf of his family called Lord Darling a “much-loved husband of Margaret and beloved father of Calum and Anna”.
The family said he died in “Western General Hospital under the wonderful care of the cancer team”.
Labour leader Sir Keir Starmer said Lord Darling “lived a life devoted to public service”.
“I consider myself incredibly fortunate to have benefited from Alistair’s counsel and friendship,” added Sir Keir.
“He was always at hand to provide advice built on his decades of experience – always with his trademark wry, good humour.”
The whole Labour movement felt a “profound” wave of shock, he added.
Mr Brown, who after becoming prime minister brought Lord Darling in as chancellor, said he was “deeply saddened” to hear of his death.
He told the BBC: “In times of crisis Alistair was the person you would want in the room because he was calm and he was considered and he had great integrity.”