Here for those of you with a few minutes to spare is an eloquent Lord Mandelson pressing the case for Tony Blair to become the first ‘President of Europe’ (and swiping at the UK Conservatives’ EU policy).

The politics of it are familiar enough.

What struck me was his assertion that any UK Prime Minister leaves office having run up significant debts.

How?

Why?

Free house, decent salary, lots of official food. Clothing allowances. Free transport. His wife gained hugely from his status, getting serious speaking fees and lavish attention round the world which as a mere senior barrister she otherwise would not have received.

Maybe Tony Blair left office with a vast mortgage taken out at his own choice on the basis of all the PM allowances, which then needed a good income to be afforded. But that’s not exactly the same as ‘huge debts’.

Can anyone explain this argument?