Michelle wholesale halloween costumes Mone gave David Cameron a woolly jumper, not underwear

Michelle Mone, founder of lingerie brand wholesale halloween costumes Ultimo, gave the Prime Minister a gift of "clothing" last year, it has emerged.

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Michelle Mone, founder of lingerie brand wholesale halloween costumes Ultimo, gave the Prime Minister a gift of "clothing" last year, it has emerged.

After initial speculation Halloween Costumes Outlet that the present was underwear, a source confirmed it was in fact a tartan woolly jumper given to the Prime Minister during the Scottish independence referendum.

Entrepreneur Michelle Mone is admitted to the House of Lords as Baroness Mone of Mayfair, after being made a Tory peer Photo: PA

The new Conservative peer, who was sworn into the House of Lords as Baroness Mone of Mayfair on Thursday, gave David Cameron the present in 2014 but it was registered in documents released this morning because it was valued at over £140. It will be kept by the Cabinet Office.

A source close to Ms Mone confirmed the jumper would have cost "around £145".

It follows intense speculation that the "clothing" was underwear from Lady Mone's Ultimo brand - which only sells women's lingerie and swimwear.

Earlier in the day both Number 10 and Lady Mone's spokesman refused to comment on the rumours, but it later emerged the gift was a Scottish jumper.

The business tycoon took a well-known stand against Scotland leaving the UK and declared herself "very scared" by the prospect of her home nation striking out on its own.

The gift has been kept by the Cabinet Office and registered on official papers because of its value - ministers are not allowed to keep gifts worth over £140.

It also emerged in the documents that Michael Bloomberg, former New York mayor, gave David Cameron a magnifying glass worth more than £140 and the Prime Minister of Bangladesh gave an oil painting.

Also on the list, released by 10 Downing Street, of presents which had to be given up by the PM were a book and bookends from US president Barack Obama, a magnifying glass from former New York mayor Michael Bloomberg and whisky and a pair of boots from Australia's ex-PM Tony Abbott.

Lady Mone was sworn into the House of Lords earlier today as a Conservative peer.

The lingerie-business founder has been tasked with leading a business review by the Prime Minister, for whom the gift was intended.