What is expected to be published

According to reporting this week in Britbrief and picked up by Bloomberg, the trove in question is a multi-year WhatsApp and email exchange between Streeting and Mandelson dating from the Corbyn era through to Mandelson’s appointment as ambassador to Washington. The material was reportedly obtained in the course of separate litigation and is being held by a third party whose legal obligations require its production this weekend.

Streeting’s team have been briefing that the correspondence contains nothing improper and that any attempt to weaponise it reflects nervousness from other leadership camps rather than genuine content. Rival camps are briefing the opposite — that the texts contain material on Mandelson’s preferred approach to Labour’s Corbyn-era suspensions, on positioning between factions, and on the handling of Mandelson’s own Epstein-adjacent reputation. Without the documents in hand nobody can say whose briefing is closer to the truth. The House will know on Monday.

The Rayner machine has already moved

Angela Rayner’s operation has been the single most active faction in the PLP this week. Mainstream group allies have been calling regional whips. The Rayner press operation has been spoon-feeding lobby journalists a version of the story in which Streeting cannot credibly lead a party trying to move past Mandelson because he is too close to Mandelson. The briefing is working. Two weekly Labour-supporting columnists have already reversed from a pro-Streeting column to a wait-and-see column in the past fortnight.

Bloomberg’s latest odds, published yesterday, have Rayner as clear favourite to succeed Starmer with Streeting relegated to second. The bookmaker spread has moved more sharply against Streeting than against Starmer himself, suggesting the market reads the leadership race as a two-horse contest in which Streeting is now the weakened challenger rather than the insurgent. Members’ polls back this: Rayner leads Starmer in a head-to-head by 11 points and Streeting trails them both.

The Socialist Campaign Group problem

Streeting’s other structural problem is the Socialist Campaign Group. The left of the PLP will not back him in a leadership contest under any circumstances. The New Statesman reported in January that Streeting’s attempts to woo the group at its winter meeting had collapsed, with one SCG member telling the magazine the question of whether Streeting could lead Labour was “not the right question to be asking.” That mathematical problem has not gone away. A Labour leadership race with three or more candidates requires second-preference transfers. The Streeting operation does not have a realistic pool to draw them from.

Rayner does. Her vote is bigger among the soft left and the unions. Andy Burnham’s Mainstream group is effectively her machine. The SCG remnants will hold their noses and vote for her over Streeting if it comes to that. The arithmetic, even before the texts drop, has been unforgiving.

What Streeting actually has

The Health Secretary’s remaining asset is an authentic story on NHS reform, and a cabinet-rank policy brief that is working. Waiting lists are down, and the £1bn apprenticeship package announced last week is his first piece of retail politics to break through at CLP level. If he can hold his seat at the Health brief through the summer, ride out the texts story, and offer himself as the policy candidate against a more charismatic Rayner, there is a path. It is narrow, and it runs almost entirely through the assumption that the texts are duller than his enemies claim.

What the PLP actually thinks

We have spent this week calling round. The PLP mood is not that Streeting is finished. It is that he is weakened, and that the field is now Rayner’s to lose. Two junior shadow ministers who were publicly backing Streeting three weeks ago have gone silent. One London-bench MP with a 19-point swing against her nationally told us: “It’s Angela. We’re just waiting for her to confirm it.”

Whether the texts land on Saturday, Sunday or Monday, they arrive into a party already reorienting itself around a different candidate. Streeting’s insistence that his bid will survive is technically correct. Most bids do technically survive. The question is whether it will ever be credible again.