He praised the role of the UK’s Debt Management Office in reassuring investors about Britain’s finances adding: “Without its prudence, we might all be in Queer Street or Skid Row by now.”

A string of Mr Peston’s followers immediately posted responses praising the economic analysis but questioning his use of the term.

One man, called Peter Scott, wrote: “Tsk tsk Mr P, not quite homophobic but a bit homo-frowny”.

I love the stupid phrase “homo-frowny,” but come on, these people are p.c. nitwits. Peston had to point out to them the etymology of the term “Queer Street” in English slang:

Used by Dickens, Sir Arthur Conan Doyle and Evelyn Waugh, the term is traditionally understood to mean that someone is in financial difficulties, although the exact origins are disputed.

“Queer Street” has to be 2011’s “niggardly”: a perfectly normal, non-offensive term that oversensitive subliterates freak out over. Still, we should use the word “homo-frowny” often. Never frown at a gay person, or stand accused!