The peer who coined the phrase 'New Labour' left a six-figure sum to his beloved wife after tragically drowning while wild swimming.

Lord David Lipsey, 77, was found dead in the River Wye in Glasbury, Wales, on July 1 last year.

Lord Lipsey, who was also known as the Baron of Tooting Bec, was involved with the Labour party for decades and also came up with the phrase 'Winter of Discontent'.

He was secretary of the Labour Party in Streatham from 1970 to 1972, later going on to become an advisor to 10 Downing Street under James Callahan. 

He came up with the name New Labour for the then-Prime Minister, Tony Blair, who would later grant him a peerage in 1999 that saw him sit in the House of Lords.

Lord Lipsey also coined the 'Winter of Discontent', referring to the winter of 1978-9, characterised by mass strikes and bitterly cold temperatures.

After his time in Westminster, he went on to become a successful journalist with roles at the New Statesman and the Economist. 

On the day of his death, Lord Lipsey was reported missing after entering the water.

Police recovered his body from the River Wye the same day, not far from his home in Tregoyd.

Now it can be revealed that Lord Lipsey left an estate worth £213,973 to his wife Margaret.

Lady Lipsey, who was his second wife, would often accompany him on wild swimming outings. 

The pair married in 1982 and had a daughter Becky. He also had two stepsons, Matthew Robson and Dominic Robson.

His newly released Grant of Probate document reads: 'David Lawrence Lipsey of Tregoyd, Brecon died on July 1, 2025.

'The Last Will and Testament was proved and registered before the High Court of Justice.

'The administration of David Lawrence Lipsey's estate is granted by this court to the following Executor. Matthew Barnaby Robson of Esher.

'The application has stated that the gross value of the estate in the United Kingdom amounts to £233,300 and the net value amounts to £213,973.'

He wrote his last will on February 27, 2012.

It reads: 'I, Lord Lipsey of Tooting Bec, otherwise known as David Lawrence Lipsey, hereby revoke all former wills and codicils made by me and declare this to be my last will.

'If my wife Lady Margaret Lipsey survives me by 28 clear days then I appoint my wife to be the sole executrix of my will.

'I give all my estate, out of which shall be paid my funeral and testamentary expenses, inheritance tax and my debts.

'And any property over which I have at my death a general power of appointment, together referred to in my will as my residuary estate.

'To my wife if she survives me by 28 clear days.'