That’s what he’s telling an American audience.

Mandy told US business news channel, CNBC, that HSBC moved along with the deal and sold pounds which devalued the currency.

He suggested that it was not electoral uncertainty that was the cause and sought to reflect Ken Clarke’s comments that it might be the fear of the other party winning that’s the problem. We’re not sure the Americans are convinced.

• 1:30 – Mandelson highlights that public spending cuts will hit economy this year.
• 2:00 – Mandelson blames HSBC and the AIG – Prudential deal for the pound ’s plummet.
• 2:30 – Also highlights the possibility that its the chance of a Conservative win that might be scaring markets.