'If I'm going to have a midlife crisis, I'm going to enjoy it!' Ed Balls admits he's 'scared to death' after being named as this year's first Strictly contender  

Ed Balls has admitted he is 'scared to death' after being confirmed as the first celebrity name on Strictly Come Dancing.

But the former shadow chancellor said he was determined to 'have some fun' after his political career came to an abrupt halt at last year's General Election when he was humiliatingly sacked by the voters.

Mr Balls said his wife, the Labour MP Yvette Cooper, was a better dancer than him but had insisted: 'You've got to do it'.

The former MP told the BBC: 'My only hope is that it stays a dream and doesn't become a nightmare.

'I've taken the view, if you're going to have a midlife crisis you should make sure you plan it well and enjoy it.' 

Ed Balls (pictured dancing with his wife Yvette Cooper at Labour party conference in 2011 in Liverpool) has said he is 'scared to death' about appearing on Strictly Come Dancing 

Mr Balls' wife Yvette took to twitter to welcome confirmation that he will be a contestant

Confirmation of the political bruiser's participation was welcomed by wife Yvette Cooper - also a senior Labour figure - who said she was 'so envious'.

But bookies do not seem to fancy his chances - with William Hill offering 3/1 that he will be the first celebrity knocked out and making him a 33/1 longshot to win.

The victor is thought to get a £100,000 prize and can expect a host of lucrative opportunities. Even being the first to exit is thought to bring in £25,000.

Mr Balls, 49, has been known to take to the dancefloor in the past, including notoriously performing 'Gangnam Style' at the Labour Party conference in 2014.

Allies claim he has 'moves' and have tipped him for success, although he is not thought to have any track record at ballroom dancing. 

The former Cabinet minister admitted today: 'I have got to make sure I get fit in the next couple of weeks. From the beginning of September I'm definitely going to do 12 hours a week training.' 

Mr Balls becomes the first male politician to appear in the full version of the popular show, following in the footsteps of former Tory MPs Edwina Currie and Anne Widdecombe - who both failed to impress the judges.

Former business secretary Vince Cable took part in the Christmas special in 2010.

Ed Balls talked about his excitement and nerves about Strictly in an interview this morning

The father-of-three is expected to be joined on the show by singer Will Young, actress Lesley Joseph, former royal butler Paul Burrell and TV presenter Louise Redknapp.

Mr Balls has endured a miserable time over the last 18-months. 

The loss of his Morley seat in West Yorkshire was one of the biggest shocks of last year's General Election. He was beaten by former Miss UK finalist Andrea Jenkyns.

His wife Yvette Cooper ran for the Labour leadership last summer but failed to stop the surge in support for Jeremy Corbyn and finished a disappointing third.  

Ed Balls has been tipped by allies as a dark horse, with his regular appearances on the dance floor at annual Labour party conference set to help him tango to success. Above, he dances with his wife Yvette Cooper, a Labour MP, at the Labour conference in Manchester in 2012

Ed Balls was famously spotted on the dancefloor at the Labour Party conference in 2014 doing the Gangnam Style dance along with Labour MP Keith Vaz (centre) and his wife and fellow MP Yvette Cooper (left) 

Three months later Mr Balls was appointed chairman of his beloved Norwich City, but the team struggled to maintain its top-flight status and were relegated to the Championship just five months later.

Mr Balls also failed in his bid to win a Christmas special of the Great British Bake Off last year.  

The new series of Strictly will conveniently coincide with the publication of Mr Balls' memoirs in September - titled Speaking Out: Lessons in Life and Politics.

Ed Balls is following up his appearance on the Christmas special of the Great British Bake Off. Above, he is pictured alongside fellow GBB guests Victoria Coren (left), Chris Kamara (middle) and Kimberley Walsh (second right)

Speaking on BBC Radio 2 today, Mr Balls said: 'I'd like to say I'm just really excited about learning to dance on TV, but the truth is I'm also scared to death. 

'Making a speech in Parliament seems a piece of cake compared to this, but hopefully I can stick around for a couple of weeks, and have a lot of fun in the process. 

'Strictly is a firm favourite in our living room, and it feels like a dream to be going on myself, especially for Len's last series. I'm just hoping it doesn't turn into a nightmare too quickly!' 

When he was first linked to the BBC show last year, Mr Balls played down the prospect saying he was not 'quite equipped for Strictly'.

Head judge Len Goodman has previously announced the next series will be his last and ITV is launching a new big-budget rival set to launch in 2017.