Not dealing with Jeffrey Archer at an earlier stage is one of William Hague's biggest regrets from his time as Conservative leader.

In an interview with the BBC News 24's One to One programme, Mr Hague says he regrets that he failed to take firmer action against the disgraced peer.

The only real failure in life is a failure to try and well, whatever I've done, I haven't failed to try

William Hague

Archer had assured Mr Hague that there were no skeletons in his closet as he sought to win the Conservative candidature for the job of London mayor.

It then emerged that he had committed perjury when he sued the Daily Star over allegations he had relations with prostitute Monica Coghlan.

He was subsequently jailed.

Offer

Mr Hague was asked what would be the one thing he would change about his tenure as leader.

He said: "Well, I would have stopped Jeffrey Archer at an earlier stage and it's a simple thing I would have done differently and did toy with the idea. I should have done so."

Lord Archer is currently serving a jail sentence

In the wide ranging interview with News 24's Nick Robinson, Mr Hague was also asked whether he could foresee a time when he would serve in a future Tory government.

He ruled out the idea of serving in the shadow cabinet for this parliament but said he would consider a future offer to take a frontbench position.

He also said he would campaign vigorously in a referendum campaign on the euro - although he said he would not want a leading role in the No campaign.

High praise

Mr Hague - whose tenure as Tory leader ended after his party suffered a second massive defeat to New Labour - had words of praise for successor Iain Duncan Smith who is "doing all the right things".

He acknowledged that the Conservatives remained behind in the polls but pointed that Labour's lead was now nine or 10 points.

Mr Hague had words of praise for his successor

He said, laughing: "When I was leading the opposition, four years ago, they had a 40% lead over the Conservatives, so it's not that the polls haven't moved actually they have moved dramatically, in the last four years.

"Now, yes the Conservatives aren't yet in the lead, but they will be in the lead in due course and I think Iain Duncan Smith is doing all the right things.

"I know Iain's decided that you can only communicate one thing at a time, about a political party and perhaps I over estimated when I was leader how many things you could communicate at one time."

Mr Hague says that despite the massive disappointment of having his political career come juddering to a halt at the age of 40, he is enjoying the freedom he now has.

Happy man

He says he sees a lot more of his family, spends more time with wife Ffion and has the luxury of turning things down if he does not want to do them.

It was always one of the misconceptions about me that I was obsessed with politics, that I was a one hundred per cent politician

William Hague

"I am very happy," he said.

"I think it was always one of the misconceptions about me that I was obsessed with politics, you know, that I was a one hundred per cent politician."

Political highs and lows did not determine his happiness and he now has the chance to have a second life, he said.

But Mr Hague insists he would not change his decision to run for Tory leader at such an early age.

"I don't regret charging forward a bit in my political career because I'd much rather be in this position, of having done all that and now being able to do all the things I'm doing at the age of 41, than sitting here when I'm 70 thinking, 'oh why didn't I ever try to be the Leader of the Party'.

"There are too many people who reach old age never having tried what they really wanted to do and the only real failure in life is a failure to try and well, whatever I've done, I haven't failed to try."