"The plan, which is said to 'intrigue' the Business Secretary, could see him become a potential candidate to replace Gordon Brown as Labour leader.
It has been hatched by Labour MPs who are all former supporters of Tony Blair, and who now see Lord Mandelson of the best hope of keeping the party New Labour in the event of an election defeat and the likely stepping down of Mr Brown...
Lord Mandelson would then become Mr Mandelson once again – and declare himself available to stand as a Labour candidate in the general election, which must be held by next June." The idea of Mandy ditching his Lords seat has been discussed half-jokingly across Westminster in the past few weeks. But it certainly puts a different complexion on things if Labour MPs are actually encouraging him to do just that.
Perhaps the main issue that Mandelson faces is what running for a Commons seat would mean for his relationship with - and show of loyalty for - Gordon Brown. After all, it will inevitably be seen as a move for the party leadership and a tacit admission that Gordon doesn't stand a chance beyond the next election. Given how much Brown's premiership has relied on Mandelson's support over the past few months, you've got to wonder whether it would survive the blow.