Peter Mandelson faces fraud investigation for allegedly leaking €500billion EU bailout plans to Jeffrey Epstein

The European Commission has asked investigators to look into claims the disgraced peer passed on information to Epstein about a €500billion bailout of the euro when he was the UK's commissioner in Brussels.

Emails revealed earlier this month seemed to indicate Lord Mandelson, who was arrested on suspicion of misconduct in a public office on Monday, gave the late child abuser advance notice of the deal in 2010.

Within the files released by the US Justice Department, a message allegedly sent by Lord Mandelson to Epstein in the early hours of May 9, 2010 said: "Sources tell me 500 b euro bailout almost complete."

That bailout was confirmed later that day by the European Commission.

A commission spokesman told Politico: "Given the circumstances, and the significant amount of documents made available publicly, the European Commission also asked OLAF (European anti-fraud office) on 18 February to look into the matter."

Meanwhile, the UK's Intelligence and Security Committee said the UK Government has agreed to a framework with the Metropolitan Police on what documents can be released to the public regarding Lord Mandelson's appointment as US ambassador two years ago.

This comes after the Police gave another apology today, this time to the Speaker of the House of Lords after he was incorrectly identified as the source of a tip-off relating to Lord Mandelson's arrest.

The tip-off was concerning the peer might be a flight risk - to which he has strongly denied.

Yesterday, the House of Commons Speaker, Sir Lindsay Hoyle, had to confess in Parliament that he was the source of the tip-off, which he had relayed to Scotland Yard.

Sir Lindsay said on Wednesday: "To prevent any inaccurate speculation, I'd like to confirm that upon receipt of information that I felt was relevant, I passed this on to Metropolitan Police in good faith, as is my duty and responsibility.

"It is regrettable this rapidly ended in the media - as this is a live investigation, members will understand that it would not be appropriate to make any further comment, and I'd like to caution members from doing so".

Sir Lindsay received an apology from Scotland Yard for revealing the tip-off to Lord Mandelson's lawyers on Wednesday.

A Met Police spokesman said: "The Met has apologised to the Speaker of the House of Commons for inadvertently revealing information during an investigation into allegations of misconduct in public office."

Lord Peter Mandelson has not responded to previous requests for comment, but GB News understands prior to his arrest, his position was that he has not acted criminally and did not act for personal gain.