House of Lords: the British Parliament's upper chamber which includes hereditary peers (nobles) and life peers as well as bishops best club in London: this is a reference to the many exclusive establishments to which men - and sometimes women these days - can go for all sorts of reasons: to have a good meal, read newspapers, exchange ideas or opinions or to play cards hereditary members: peers (nobles) who have inherited their titles and as a result have rights to sit and vote in the House of Lords convivial: friendly, a pleasant place to be in subsidised: if something is subsidised, it is partly paid for; in this case by the Government their time is up: a way of saying the good times are over, it's the end of an era by virtue of birthright: because of the family someone has been born into in the meantime: until a new system has been decided upon all but: the but here means except | 
