Leaked 2010 emails reveal Mandelson's secret talks on Eurozone crisis and market fears
A newly revealed exchange from May 2010 shows Peter Mandelson receiving confidential advice about the UK financial system and the Eurozone crisis. The message, sent by an unidentified contact named 'Michael', raised concerns over market stability and the government's response. The contents were later shared with Jeffrey Epstein, who praised the sender's analysis.
The disclosure has prompted a review by the Metropolitan Police into how Mandelson handled sensitive information during a period of economic turmoil.
In early May 2010, Mandelson received an email from 'Michael' outlining fears about UK liquidity and weak confidence in EU measures. The sender suggested a public statement on market health could help both the economy and the Labour party. Mandelson, who had previously criticized Gordon Brown's approach as unproductive, passed the advice to the prime minister.
Brown addressed financial markets in his resignation speech that month, referencing talks with European leaders and deficit-cutting plans. Hours later, the EU unveiled a ā¬750bn bailout to stabilize the euro, which had been losing value against the dollar since spring. Bundesbank data later showed the euro weakened from around 1.19 USD in late 2010, down from stronger levels in 2009.
Mandelson also forwarded the exchange to Jeffrey Epstein, who responded by calling Michael's insights 'brilliant'. The revelation has led to scrutiny over whether proper protocols were followed in handling market-sensitive information.
Police are now examining whether Mandelson's actions complied with rules on confidential communications during a volatile economic period.
The 2010 emails highlight concerns over financial stability at a time when the stock market today was under pressure. Police are assessing whether Mandelson's sharing of the advice breached any guidelines. The episode adds to questions about transparency during the Eurozone crisis and its aftermath.
