he lobbying firm that Peter Mandelson co-founded has cut all ties with him, following the scandal over his association to the paedophile financier Jeffrey Epstein.

Global Counsel have announced Lord Mandelson no longer holds any shares in the company.

They said: “Peter Mandelson no longer has any shareholding, role or association with Global Counsel and has no influence over the firm in any capacity.”

The firm’s boss, Benjamin Wegg-Prosser, has also departed.

Wegg-Prosser said he was leaving as it was “time to draw a line” between the company and the “actions” of Lord Mandelson.

Lord Mandelson founded the company with Wegg-Prosser in 2010 following Labour’s general election loss.

The firm has promoted its managing director, Rebecca Park, to take over as chief executive. She has also acquired Lord Mandelson’s shares.

Lord Mandelson already left the company’s board two years ago.

Global Counsel had a turnover of almost £22m in 2024.

Lord Mandelson has not responded to the latest allegations, but he has previously apologised to Jeffrey Epstein’s victims for continuing his association with the financier.