The cover, thought to cost around £250, sits in the garden of his home in Titchfield Lane, Titchfield, just yards from the controversial floating duck island which the Conservative MP tried to claim at the taxpayers' expense.
It is not clear wheth
er Sir Peter – whose middle name is John – included the estimated £250 cost of the cover in his expenses claims.
But rival politicians say it perfectly summed up the lavish lifestyle led by Sir Peter, partly at the expense of the public purse, and in contrast to the poverty experienced by some of his constituents.
Peter Chegwyn, leader of Gosport Lib Dems, said: 'It is quite fitting, he has thrown £30,000 of public money down the drain and he obviously wanted his initials on the drain as well.
'It just gets worse. It's mind blowing. He has claimed £30,000 for gardening and this could well have been part of that.'
As reported in The News, Sir Peter was told to step down at the next General Election by Tory leader David Cameron over his expenses.
The former jet pilot's file revealed he claimed more than £30,000 of taxpayers' money for 'gardening' over three years, including nearly £500 for 28 tons of manure.
He also submitted a £213.95 electrician's bill that included fixing lights on a fountain and hanging lights on a Christmas tree.
Sir Peter, who is in America on a £59,000 trip with fellow members of the treasury select committee to discuss the recession, has not replied to messages left by The News.
The Cambridge-educated banker is thought to be returning to his Gosport home in Royal Clarence Yard this weekend before heading off for a week-long holiday in his French chateau to escape the scandal.
Cllr Shaun Cully, Labour councillor in Gosport, said: 'The way he has behaved is unacceptable and therefore he should explain himself to the people that voted for him. It's all very well saying it's in the rules but he has a moral duty as well.'
Sir Peter's expenses are being considered by the Conservative scrutiny panel to see if he will have to repay any money.
In a statement issued on Wednesday he said he would follow the recommendations of the panel.
