And very comfortable he looks too, reclining on the front page of The Sun in his designer armchair.

But that relaxed look may disappear on Wednesday when he reads what the national press has to say on the home loan issue.

Most point out that a government which prides itself on being purer than pure has been sullied by a minister who failed to reveal a £373,000 loan from a businessman being investigated by his own department.

'No judgement'

But while all papers agree that Mr Mandelson's position has been severely shaken, there are no calls for him to walk the plank.

The Sun says: "By borrowing from his sleaze-tainted Cabinet pal ... Mandelson showed questionable judgement.

"By failing to declare the debt when the DTI began investigating Robinson's business affairs, Mandelson showed no judgement at all."

'Lack of prudence'

The Mirror agrees: "This was supposed to be the cleaner-than-clean, spotless, sleaze-free government.

"Keeping secret a £373,000 loan given to a chum whose department later investigates your business dealings is sordid politics."

Mr Mandelson's friend, Paul Johnson of the Daily Mail, writes: "By failing to disclose his financial indebtedness to the unsavoury Geoffrey Robinson until the journalistic pack was on to him, he has behaved with a staggering lack of prudence."

The Express warns the government against dismissing the issue as "much ado about nothing" and reckons that the biggest failing of the government is arrogance.

'Exotic plumage'

"So clear are they in their own minds that they are deserving occupants of high office that they fail to see the consequences of their actions."

Clearly aggrieved by this arrogance, the newspapers take great glee in knocking Mr Mandelson's lifestyle in "trendy" Notting Hill.

"Exotic in both his plumage and connections" is a headline in The Independent which lists his establishment friends and his "style God" look.

"Puffed up with his own importance" is a Mirror headline.

'Removed from reality'

Mr Mandleson's posh neighbours are named, designer furnishings listed and the most intimate details of his house are pored over.

The Times reports the comments of one unnamed visitor to Mr Mandelson's house, who remembers it being "clean" but "can't remember what the loo was like".

Many more column inches are given over to telling readers how many homes in Mr Mandelson's Hartlepool constituency could be bought for his one in London. Nine is the answer according to the Daily Mail, 36 says The Guardian.

'Let down'

"It just goes to show how far removed he is from reality," factory worker Paul Conville tells The Times.

The reality, says The Times leader, is that Prime Minister Tony Blair must be feeling "betrayed and badly let down" by Mr Mandelson.

But The Guardian - which broke the story of the loan - warns there could be more worries for Mr Blair in the future with claims that Chancellor Gordon Brown could be drawn into the controversy.

It says the disclosure opens up questions over the extent of Mr Robinson's "cash relationship" with now key ministers before last year's election. This allegedly includes the bankrolling of Mr Brown's office, staff and research costs in oppostion.