LORD “Eddie” George, the genial former governor of the Bank of England who presided over its move to independence, has died after a long battle with cancer.

George, who was 70, was valued by politicians and financiers alike for his experience and calm authority, earning him the affectionate moniker “Steady Eddie”. He enthusiastically embraced Labour’s decision to grant the Bank independence in 1997, with the power to set Britain’s interest rates.

Gordon Brown, the prime minister, said: “Eddie George was universally admired for his expertise, judgment and wisdom, and it was my privilege to have worked with one of the world’s greatest and most respected central bankers.”

George had talks with Brown and Tony Blair about Bank of England independence when they were in opposition but was pleasantly taken aback when the Bank was given independence just four days after the 1997 election.

George, the son of a post office clerk, studied economics at Emmanuel College, Cambridge. He joined the Bank in 1962, taking the top job in 1993. During his career, he worked in Moscow, where he studied the Soviet economy and became wary of unnecessary central government control of a country’s finances.

During George’s 10 years as governor, the economy enjoyed sustained growth. He did, however, face financial crises, including the failure of the Bank of Credit and Commerce International; the collapse of Barings, triggered by the deals of Nick Leeson, its rogue trader; and the bursting of the millennium dotcom bubble.

His unflappable style often helped calm markets and made him a popular figure. George received his peerage in 2004. He is survived by his wife, Vanessa, and their three children.