The absolute best, like the House of Lords in recess (8)

I believe the answer is:

peerless

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'the absolute' is the definition.
(thesaurus)

I can't explain the remainder of the clue.

(Other definitions for peerless that I've seen before include "Without equal, matchless" , "Outstanding" , "Beyond compare" , "Without equal, being without a lord?" , "Without equal or lacking lords" .)

I've seen this clue in The Guardian.

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