Liberal Democrat peer Lord Taverne dies aged 97

Liberal Democrat peer and former Labour Treasury minister Lord Taverne has died aged 97.

As Dick Taverne he was a Treasury minister as the UK prepared to move to decimal currency and championed the introduction of the 50p coin to replace the 10-shilling note.

In 1973 he was the victor in a remarkable by-election, triggered after he quit Labour to stand as a Democratic Labour candidate after a row over his pro-European views.

Having been Lincoln’s MP since 1962, he stood against his former party, polling 58.2%, although he subsequently lost his seat at the October 1974 general election.

As splits within the Labour movement continued to grow, he joined the Social Democratic Party and eventually became a Liberal Democrat peer in 1996.

He is survived by his wife of 70 years Janice and by his daughters Suzanna and Caroline.

In a statement, the family said: “It is with great sadness that we announce the death of Dick Taverne.

“He was a much loved and loving husband, father and grandfather. We will all miss him enormously.

“He died peacefully early this morning at home in London.”

In 1970 he became the first director of the influential Institute for Fiscal Studies economic think tank after Labour were voted out of office.

Liberal Democrat leader Sir Ed Davey said: “Dick was a passionate, principled and thoughtful colleague who will be sorely missed by all of us in the Liberal Democrat family.

“A founding member of our party, Dick was a passionate European who inspired us all with his sharp intelligence and incredible experience in government, politics and beyond over many decades.

“His long and exceptional record of public service is an inspiration to us all, a reminder of what politics can be at its best.

“My thoughts and prayers are with his family and all those who loved him.”

Lib Dem leader in the Lords, Lord Purvis said: “Dick was a greatly valued colleague whose commitment to the causes in which he believed, European integration and cooperation, rational political and economic debate, and fairness, were steadfast.

“He used his voice in the Lords on those issues to great effect.

“As the Budget approaches, the foundations he laid as the first director of the IFS we still benefit from today.

“He will be greatly missed and, while we are deeply sad to lose him, we remain inspired by his energy and principles.”