Guido’s man on the high seas tells him about a party thrown by Steve Ballmers Paul Allen on his yacht last year in 2005. Peter Mandelson was brought to the party by a third person – uninvited.

He was not a welcome guest and was avoided by many of the other party-goers who were only too well aware that the European Commission had fined Microsoft a record €497 million on competition grounds. Microsoft was engaged in a bitter legal battle to have the fine overturned.

With billions at stake it was surely inappropriate for the trade commissioner to meet socially with the second largest shareholder in Microsoft when it was in a fierce battle with the Commission. Over to you Peston…