Commentary: Love him or loathe him, he's a class political act

In hindsight, but only so, the signs were clear. The Brussels commissioner had often been an outspoken critic of Mr Brown's style and personal behaviour. Latterly, though, he had muted his advice, to the effect that New Labour could still win if it found a new focus and direction.

The question in Labour ranks is whether Mr Brown really means it. Mr Mandelson is a natural fit at business and enterprise (he certainly has a natural affinity with the moneyed classes, as the man who once said he was "seriously relaxed" about people getting filthy rich).

But the real point of reviving this stylish, sometimes prickly spectre of the Blair years ahead of younger ministers is that Mr Mandelson must be closely involved with the strategy of the Government and its approach to the next election.

Quietly, Mr Brown has already been taking his advice. I gather that the two held secret strategy meetings and have held regular private phone calls.

"Whether he can turn things around for Gordon Brown is another matter," says his former aide, Benjamin Wegg-Prosser. "He can't do it single-handedly. But he will bring a level of maturity and confidence that the Government has been lacking since Tony Blair left office."

Friends of Mr Mandelson say he has been earmarked for a role handling the financial crisis, based on his strong network of global contacts.

The assumption of superior political judgment will rankle with many in Brownite circles. But frankly, they cannot afford to look an experienced gift horse in the mouth as they seek to stem the Tories' revived momentum.

So, it's Mandy rides again. Another chapter of thrills, spills and probably the odd row along the way. But the return of a class political act.