Lord Mandelson is drawing up plans to choose which businesses and industries are important enough to be saved in the event of their going bankrupt as the recession bites, the Guardian can reveal.

In his first newspaper interview since returning to the cabinet, the business secretary said he planned a more interventionist policy for industry.


Mandelson saved his most effusive praise for Brown: “Internationally people say to me your prime minister has been transformed. His standing has soared. People really do look to him like some Moses figure who is going to lead them away from this economic mess to the promised land,” he said.

I refer readers who think this approach has historically ended well to the bibliography.

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