Credit crunched Britons are retreating to the frugal lifestyles of their childhoods, loading their trolleys with Hovis bread, Mr Kipling cakes, Bisto gravy and planning blustery British seaside holidays.

But far from depressing us further, this nostalgic sojourn is proving a source of comfort after traumatic few months – rather like your Mum tucking you up in bed with chicken noodle soup after you have lost your pocket money to the local bully (Gordon Brown).

Such is the premise of the Credit Crunch Cabaret, designed to lift our heavy hearts and whisk us back to a time when life was simpler and jollier (1950-something). And any reservations I had about labelling this show nostalgic were swept aside when compere Skinner produced a ukulele.

But if variety performers of yesteryear peddled their wares in the gilded London theatres, while their audiences, couched in red velvet seats, paid £10 for the pleasure, then this comedy time machine can only be a good thing.

The cabaret is likely to feature a different combination of performers each night. Those billed include Chris Addison, Dave Gorman, Richard Herring, Russell Howard a few singers and, inexplicably, Tara Palmer-Tomkinson.

Michael McIntyre, Connie Fisher and Al Murray were the three established acts that graced the first performance.

McIntyre focused on the snow, a subject perfectly suited to his giggling delivery – who better to impart the joy of a snow day – “The weather- is snow! The travel – is snow! The news - is snow!”

Connie Fisher’s Judy Garland tearjerkers were belted out with a clear voice that caused me to snivel into my plastic wine cup.

Murray performed his affectionate pastiche of the Daily Mail reading landlord with energy and physical comedy – at one point pseudo-assaulting (and genuinely scaring) a front row banker.

He was also responsible for the most risqué recession-related joke of the evening, on British fortitude in the style of Karen Mathews: “When the chips are down, British people are prepared to kidnap their own children for cash.” Skinner’s regular interludes hold the show together and he involves the audience by getting them to sing a slightly pointless little ditty, accompanied by his ukulele – but why not? Singing is fun, especially when you are laughing, and fun is what the Credit Crunch Cabaret is all about.

Caroline white

The Lyric Theatre, Shaftesbury Avenue, every Monday from February 9 until March 9. Box office: 0844 579 0089

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