From hence, preference was to be given to representatives of the ‘old families’ of the British aristocracy, who prized lineage, dignity and discretion over wealth, wit and glamour. The shift was not lost on Max Beerbohm, who drew a group of Jewish financiers – among them Alfred and Leopold de Rothschild, Arthur Sassoon and Sir Ernest Cassel – creeping nervously along a corridor at Buckingham Palace. The caption read, ‘Are we as welcome as ever?’ Unwritten but tacitly acknowledged, the answer was ‘No’.

