Ex-Bank of England chief dies at 70

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Mervyn King, who succeeded Eddie George in the post, said he was "deeply saddened" as he announced his death.

Lord George, nicknamed "Steady Eddie", had been with the Bank for 37 years before he quit in 2003.

Lord George, who was knighted in 2000 and made a life peer in 2004, is survived by his wife Vanessa and their 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. 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 said a private family funeral would take place before a memorial service marking his work would be announced.

He was governor between 1993 and 2003, having joined the Bank from Cambridge in 1962. He served as Executive Director and Deputy Governor.

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

But he told reporters in 2003: "It's jolly hard work so when I come to the end of my term I shall be looking forward to retiring."