Let's run through this. You take the unfunniest of institutions, apply a tired, old comedy formula (which may have cult status, but is certainly not cool), give it a minute of airtime and, hey presto, millions think the Royals are cool? New Labour admits to few mistakes, but the ill-conceived Cool Britannia initiative was one of its greatest. Like anything fashionable, it ceased to be cool almost the moment it was conceived. In the process, it alienated the British people. So why has an institution such as the monarchy, defined by its history, aligned itself with values that are by definition transitory?