Mandelson mocked the notion of Brussels being open to renegotiation, emphasizing a lack of interest from both British voters for another referendum and from EU officials for re-entering discussions on UK membership.

During an event organised by the British Chambers of Commerce (BCC) at Heathrow airport, Mandelson stressed that the British populace is unlikely to support the idea of a referendum following the Conservative party's problematic Brexit execution. He pointed out that the lesson from the previous referendum makes a future one unappealing.

Instead, Mandelson suggested that under Labour leadership, the UK would seek to strengthen its relationship with the EU without rejoining. He noted the EU's preference for a more stable and constructive partnership but dismissed the idea of reopening membership negotiations.

The comments were made against the backdrop of the BCC urging politicians to move beyond the Brexit debate and focus on trade, including enhancing connections with the EU, the UK's largest trading partner.

Tech entrepreneur Martha Lane Fox also advocated for bold political decisions to optimize EU regulations for the benefit of British businesses.

Addressing the challenges post-Brexit, Mandelson described the instability and the governmental churn that has disadvantaged the UK economy. He contrasted Labour's approach with the Conservative's global free trade pursuits and flagged the potential risks of being caught between a possible Trump-led US and a weakened relationship with the EU.

Mandelson also highlighted the importance of collaborative efforts, possibly with the EU and G7 nations, to amplify global influence and urged for strengthening the World Trade Organization to avert trade conflicts detrimental to global economic stability.