A stellar cast gathered for the former FT journalist, including former Deutsche Bank boss Rolf Breuer, author and eurosceptic Freddie Forsyth, a gaggle of lords including Terry Burns, Douglas Hurd, Norman Lamont and Nigel Lawson, and members of the Marsh family including Mr Marsh's mother, Marguerite.

Lord Denis Healey sang a German folk song, while former Bundesbank president Karl Otto Pöhl gave a speech warning that the UK economy would sink into terminal decline unless it started thinking about joining the eurozone.

In a lighter moment, Mr Pöhl noted former Bank of England governor Lord Kingsdown of Pemberton - better known as Robin Leigh-Pemberton - in the audience.

The German central banker said despite all the accolades he had received, he was not able to become a lord, but he was not envious as Lord Kingsdown told him the food at the House of Lords was terrible.