The 65-year-old's Sunderland North constituency is due to vanish after a region-wide Boundary Commission shake-up, and he has decided the time is right to step down.
"I shall not be fighting the next election. I'll be 68 or 69 by then and I've done my bit," he said.
"My constituency is disappearing under the boundary shake-up and it's the right time to go."
His decision will ease the tension between remaining North East MPs, with the Boundary Commission review deciding the number of seats in the region should be cut from 13 to 12.
Bill, who is married with two daughters, has represented Sunderland North since he was elected in 1992.
Originally from Roker, he worked as a fitter at the Austin and Pickersgill shipyard before becoming a fitter at Dawdon Colliery.
He was elected leader of the 5,800-strong Durham Colliery Mechanics' Association in 1983 and was vice-president of the North East area of the National Union of Mineworkers when he decided to throw his hat into the ring as successor to Sunderland North MP Bob Clay.
He made no secret of the fact he was on the left wing of the Labour Party and urged his Labour colleagues to do everything in their power to bring down the Tory government after John Major's surprise election victory.
He even went so far as to vote against a reduction in the Commons' working hours, slamming MPs who had second or even third jobs away from the chamber.
"Nobody should have a second job while there are three million people out of work," he said.