It is not true that Lord Mandelson once mistook mushy peas for guacamole. But the story certainly had a ring of authenticity about it, for which he has few to blame besides himself.

He has never tried very hard to disguise his love of the high life. The desire to live in Notting Hill induced him to borrow £373,000 from Geoffrey Robinson in 1996, which led to his first Cabinet dismissal.

But this was merely the base for a life that has long since embraced tycoons and their trophies, as well as politics. Oleg Deripaska’s Queen K is not his first mega-yacht. In 2004, six weeks after taking office as Trade Commissioner, he spent New Year’s Eve on board a similarly colossal vessel owned by Paul Allen, the Microsoft co-founder.

He has since impressed fashion editors with his choice of double-breasted suits, suede loafers and cashmere sweaters. Perhaps only a heart of stone would deny politicians the right to a few peccadillos. And invitations to superyachts are as tempting as they are rare.

But the new Business Secretary must learn to resist them – fast.

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