Monday 21 December

9.30pm onwards Mr Mandelson begins denying any conflict of interest following the disclosure that he had accepted a £373,000 loan from millionaire minister Geoffrey Robinson.

A look back at Peter Mandelson's political career

He says: "I do not believe that accepting a loan from a friend and fellow MP was wrong. There is no conflict of interest."

He insists there was no question of his resigning over the issue, saying: "There is no conflict of interest, therefore the matter doesn't arise."

Downing Street says in a statement that Mr Blair is "confident" that Mr Mandelson was "properly insulated" from any decision by DTI officials regarding Mr Robinson's business arrangements.

Tuesday 22 December

7.30am Mr Mandelson declines to comment as he leaves his four storey Georgian home in Notting Hill, west London. He leaves in a chauffeur-driven Rover to begin a whole day of press interviews about the loan.

8amHe starts strongly defending his position during an all-day media offensive in which he tries to take the heat out of the situation and save his political career.

The loan, he says, was a "personal arrangement made by two friends and colleagues made when we were in Opposition".

He says: "I have insulated myself from any contact with or involvement in Geoffrey Robinson's affairs at the Department of Trade and Industry and that has been acknowledged by my officials.

"I did not receive anything from Geoffrey Robinson as a minister, whilst I was a minister. The personal arrangement that we came to we made before I was a minister."

11.30am Downing Street says the Prime Minister has full confidence in both Mr Mandelson and Mr Robinson.

6pm It emerges that Mr Mandelson has written to the Parliamentary standards watchdog saying he did not believe his £373,000 loan needed to be declared in the register of MPs' interests.

He writes: "I do not believe that the loan described above requires to be registered in the Register of Members' Interests, as it was not a gift or gained through my being an MP.

"However, given the substantial media interest in the circumstances of the loan, I think it appropriate that I should refer the matter to you for consideration of whether I should, at any time in the past, or now, have registered the loan to me in the register.

"From the time I became aware as Secretary of State for Trade and Industry that the department was considering Mr Robinson's affairs, I have agreed with officials that I shall have no role in any such consideration, and have not done so."

Wednesday 23 December

9.20am Mr Mandelson leaves his London home carrying a red ministerial box. He ignores questions from journalists before getting into a ministerial Rover car and being driven away.

Cabinet Office Minister Dr Jack Cunningham says that there was "no breach of the ministerial code" but concedes that Mr Mandelson made an error in the way he handled the issue.

11.30am Tory leader William Hague challenges the Prime Minister to sack Mr Mandelson.

12.30pm Downing Street announces that Mr Mandelson has resigned as Trade and Industry Secretary.

It emerges that, the previous evening, Mr Mandelson telephoned the Prime Minister at Chequers, telling him that having thought through the situation, he is "absolutely determined that we are not like the last lot. I intend to resign".

The Trade Secretary confirms his intentions in a 10am call to Mr Blair at Chequers.

In a letter to the Prime Minister, Mr Mandelson says: "I should not, with all candour, have entered into the arrangement.

"I should, having done so, have told you and other colleagues whose advice I value and I should have told my Permanent Secretary on learning of the inquiry into Geoffrey Robinson, although I entirely stood aside from this."