Inside the Spectocracy

A readers’ lunch atthe, the world’s oldest weekly magazine, is not for the faint of heart or light of wallet. It starts with an aperitif of Lanson Le Black Reserve (a reasonable £55 per bottle). Next comes a magnum of Laurent Perrier Grand Siécle Grande Cuvée No. 23 (a less reasonable £400). Round it off with a Graillot & Perez Encinas Bierzo (a mere £26). Those with the means to drop £150 can enjoy a boozy meal in the’s boardroom, surrounded by the 195-year-old back catalogue of the magazine that counts a few chancellors, many cabinet ministers and a Conservative among its alumni.People are willing to pay a premium for a slice of Tory life. A recent struggle over the ownership of the and its stablemates, the and , proved just that. Lloyds, a bank, put the outlets into receivership after a long-running row with the Barclay brothers, hotel magnates and Channel Island overlords who bought the titles in 2004, over a £1.2bn debt.