The Post Office has to change. Dramatically.

Whether it's full or part privatisation or something else – big change needs to be the starting point for any plan.

The Post Office is going down the toilet and is a monumental drain on public funds, it needs rebuilding.

Lobbydog understands this is controversial, but thinks any plan to save it is being hindered by the need to be sensitive.

Peter Mandelson has, whisperers say, apparently been arguing for full privatisation behind the scenes – ruffling feathers.

So it was intriguing to hear him suggest initial part privatisation. Lobbydog's gut tells him this is a rather feeble ruse to placate core Labour – a first step to the full whack.

Nick Robinson hasn't just taken the bait – he's been caught, filleted and wrapped in breadcrumbs.

"He's saying yes to part privatisation, and no to full privatisation," says Nick, just in case we didn't hear Mandy the first time.

UPDATE: Sky has just reported that Jim McGovern, Pat McFadden's PPS, has resigned over the Post Office plan.