Consultants are expected to be crucial in helping the UK navigate and adapt to a rapidly changing economy.

Mandelson’s advisory firm, Global Counsel, is set to go into administration following recent revelations concerning the former peer’s relationship with Jeffrey Epstein.

Global Counsel, a lobbying firm co-founded by Lord Mandelson, has gone into administration after clients cut ties due to his association with sex offender Jeffrey Epstein.

Global Counsel, a lobbying firm co-founded by Peter Mandelson, is reportedly on the verge of collapse, with administrators expected to take control, citing a 'maelstrom' surrounding Mandelson.

Global Counsel said it had stopped trading and that UK staff were being made redundant.

Sources close to the company insist that its difficulties stem entirely from "the Mandelson legacy".