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Cohesion funds were often spent on projects to do with the environment and transport in member states where pay is around 90 per cent or less than the EU average.

However the real size of EU budget losses annually is likely to be around £4.3 billion - five billion euros - 'or even more', according to The Fight Against Fraud On The EU's Finances published by the Lords' Justice, Institutions and Consumer Protection EU Sub-Committee.

From the 1973 meeting of two young comic geniuses in a Toronto bar through the careening, madcap production of John Landis’s 1980 movie, Ned Zeman chronicles the triumph of an obsession. New York, being three hours ahead of Los Angeles, always has The Numbers.

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Peers also condemned the Treasury for their lack of help with the inquiry after their officials cancelled their appearance before the committee at the last minute, claiming fraud against the EU was outside their scope.

Committee chairman Lord Bowness said: 'Money is tight for everyone, right across the European Union.

In its latest budget report, the European Commission said that £348million a year was going missing, but members of the Lords’ justice, institutions and consumer protection EU sub-committee said this was an unrealistic estimate.

These included the former Soviet bloc as well as Spain, Portugal, Greece and Cyprus.

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