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Still... even if he did actually resign, he'd probably end up straight back in another Cabinet post six months later...
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I'm not sure he would - I don't think (unlike Blunkett or Mandelson) he enjoys the unqualified support and love of the Prime Minister, which led to their assorted comebacks. Neither is he particularly liked in the party. He's in the invidious position of being a left-winger in a senior Labour government position, and that's a death warrant usually.