Peter Mandelson is resigning his seat in the House of Lords after new disclosures in the Epstein files, the speaker of the Lords announced on Tuesday.
The recently released documents show the former senior Labour figure exchanged emails with the late financier Jeffrey Epstein and passed on information that may have broken the law. A spokesperson for Prime Minister Keir Starmer said the messages contained “likely market-sensitive information.”
Police are reviewing whether Mandelson could face a criminal investigation; that probe was announced on Monday, a day after he left the Labour Party. Starmer told his Cabinet the government would cooperate with inquiries and that he was not reassured all relevant information had yet emerged.
The Epstein files — more than 3 million pages of material connected to the US Justice Department’s case — include messages suggesting Mandelson shared sensitive material around the 2008 financial crisis. While serving as business secretary, he is reported to have sent Epstein an internal government paper outlining ways the UK might raise funds after the crash, including selling state assets.
In May 2010, Mandelson allegedly sent a note reading “sources tell me 500 b euro bailout” only hours before European governments announced a €500 billion package intended to protect the euro.
Mandelson, 72, has been a prominent presence in British politics since the early 1990s. He moved from the Commons to senior roles as a strategist and minister, including Labour director of communications, Business Secretary and First Secretary of State — a post often compared to deputy prime minister.
He has resigned previously amid controversy: in 1998 over an undisclosed home loan and in 2001 over claims of improperly influencing a passport matter. He served as European Commissioner for Trade from 2004 to 2008 and later returned to public office as the UK’s Ambassador to the United States under Mr. Starmer, a role from which he was dismissed late last year as his links to Epstein came to light.
Kemi Badenoch, leader of the opposition Conservative Party, said the rapid unravelling of Mandelson’s position raised questions about Mr. Starmer’s decision to reappoint him as US ambassador.