The North East peer left fellow Lords in stitches as he deadpanned: “My wife, on one of her rare visits to London, had her credit card stolen. And I monitored the use of the card and I have to say I didn’t report it to the police, because the thief was spending less than she was.”

Managing to respond through the guffaws, treasury minister Baroness Vere said: “I think, in these circumstances, one should always report these matters to the police.”