Educated at Chinthurst School, in Tadworth, Surrey, then in Kirkcaldy, and at the private Loretto School, in Musselburgh, he obtained an LLB from Aberdeen University and qualified as a solicitor in 1978. He was admitted to Faculty in 1984.

As chancellor, he steered the UK through the 2008 financial crisis. Lord Darling served in the cabinet for 13 years under Tony Blair and then Gordon Brown.

The former Edinburgh MP died after a short illness, his family said. A statement issued on their behalf said he was a “much-loved husband of Margaret and beloved father of Calum and Anna”. He died in “Western General Hospital under the wonderful care of the cancer team”.

Labour leader Sir Keir Starmer said that Lord Darling “lived a life devoted to public service”. “I consider myself incredibly fortunate to have benefited from Alistair’s counsel and friendship,” he added.

“He was always at hand to provide advice built on his decades of experience – always with his trademark wry, good humour.”

Former prime minister, Gordon Brown, 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.”