LONDON (Reuters) Former Labour government minister Peter Mandelson will set up a consulting firm with financial backing from British advertising giant WPP, the Financial Times said, citing people with knowledge of his plans.

Britain’s former business secretary, who also was European Commissioner for Trade between 2004 and 2008, will seek to use his extensive contact list to advise European businesses, the paper said in yesterday’s edition.

Global Counsel LLP would be a consultancy that offered “high-level strategic advice to European companies” but would not involve lobbying activities.

“What is his calling card? He has been at the heart of government and knows how the EC works and how regulation works,” the FT quoted a person who knows Mandelson well as saying.

However, the Labour politician will have to comply with Britain’s Cabinet Office rules on how ex-ministers can use the knowledge they built up in office, the person said.