Some thoughts about loans & peerages
1) The thoroughness of Yates' investigation is in everyone's interest - it wouldn't have helped the Labour Party if the allegation had been made and not properly investigated.
2) The Labour Party has extremely good lawyers who would have been asked for advice about the legality of any fund-raising - does anyone really think a political party would risk doing something illegal just to be able to afford a few more billboards?
3) If there was the slightest chance that Blair had broken the law wouldn't the party's lawyers have warned him of the possibility and wouldn't he have found an excuse to quit early as PM to reduce any damage to the wider party?
4) If there was any chance that any Labour or No10 staff had broken the law isn't Blair ruthless enough that he would have asked them to publicly fall on their swords and accept personal responsibility?