THE former Governor of the Bank of England Lord Eddie George died today at the age of 70 after a long battle with cancer.

His successor Mervyn King announced his death this afternoon saying he was “deeply saddened” by the news.

Lord George, who was nicknamed as ‘Steady Eddie’, was with the Bank for 37 years and served two five-year terms as governor before retiring in 2003.

Paying tribute to his colleague, who is survived by wife Vanessa and three children, Mr King said: “I am deeply saddened to learn of Eddie’s death.

“He served the Bank for more than 40 years and was an outstanding governor, colleague and friend.

“Eddie will be remembered as the governor who led the Bank to independence.

Making reference to Labour handing over independence of the Bank of England after their election victory in 1997, Mr King added: “Only a few weeks ago, we reminisced about the events that led to that significant change for the Bank.

“On behalf of everyone in the Bank, I would like to pass on my condolences to Vanessa and his family.

“Eddie will be greatly missed by his former colleagues in the Bank and the City more widely.”

The Bank confirmed they would wait for a private family funeral to take place before holding a memorial service marking his work.

George joined the Bank from Cambridge in 1962, and served as Executive Director and Deputy Governor before becoming Governor in 1993.

He was knighted in 2000 and became a life peer in 2004.

Announcing his departure from the Bank, Lord George had said he had had “a wonderful career”.

However in an interview in 2003: “It’s jolly hard work so when I come to the end of my term I shall be looking forward to retiring.”

George Will Hutton, chief executive of the Work Foundation, think-tank, paid tribute to Lord George, saying he would want to be remembered for his work in delivering Independence for the Bank.

Mr Hutton told BBC News 24: “He was a breath of fresh air.

“He was a complete professional, very approachable, a very good man.

“His particular pride was that he was the governor who navigated the bank to independence.”