Mandelson remains unrepentant and says he would be happy to meet Oleg the Oligarch again. At least George Osborne won’t be cavorting around on billionaire’s yachts:

“I think I did make a mistake. In politics it is not just what you say and what you do, but how things look. This did not look very good and I regret that…”

He sounds like he is willing to take his punishment.