Former chancellor Alistair Darling has retired from the House of Lords just five years after being appointed a life peer.

Deputy Speaker Lord Lexden thanked Lord Darling of Roulanish for his “much valued service to the House” at the start of proceedings in the chamber.

Tory former minister Baroness Neville-Rolfe said it was a “great sadness” to hear of Lord Darling’s retirement.

Lord Darling, 66, served as a Labour MP from 1987 to 2015 and was chancellor during the financial crisis of 2008.

His retirement comes amid moves to try to reduce the membership of the Lords, which currently stands at nearly 800.