So, George Osborne admitted on the BBC that he made a mistake meeting Oleg Deripaska on his yacht. It is refreshing and rare for a politician to admit such an error. He has also committed himself on the record to having nothing more to do with party fundraising.

His candidness contrasts vividly to Peter Mandelson’s approach. Mandelson has left many questions unanswered about his long-held “private” relationship with Oleg Deripaska. He has shown no regrets, as a Daily Telegraph article usefully highlights.

Yes, it has been embarrassing for Shadow Chancellor George Osborne. But in terms of winning public trust, Osborne has come out on top. His admission shows he understands the benefit of managing perception issues by being straight with the public. Peter Mandelson is seemingly just too arrogant to care what we think.