Niall Ferguson’s enemies can’t accuse him of racism, so they hope the homophobe charge will work its poison.

Is it homophobic to argue that it’s mainly gay men who keep the flame of popular culture alive? If so, then Simon Napier Bell has some grovelling to do. Napier Bell, as I’m sure you all know, is the rock impresario who has managed everyone from the Yardbirds to Wham!, and who a few years ago wrote an excellent book on the music business called Black Vinyl, White Powder.