Peter Mandelson was last night said by friends to be thinking long and hard about whether to remain as the MP for Hartlepool after the next election.

His political career effectively over, having said his "last, lonely goodbye", Mandelson is predicted to announce that he is to stand down from the Commons.

Should he decide to contest the next election he will first have some explaining to do - with local party sources yesterday demanding an explanation over his latest resignation from high office.

It is predicted that Mandelson is likely to seek a lucrative book deal before taking up a high profile post in the private sector - either in the city, or some predict, he may try to resurrect his TV career, possibly in Hollywood.

Publishing sources suggest the flamboyant ex-cabinet minister with a penchant for the high life and rich friends could bag up to £1 million for "tell all" memoirs.