Laughing stock, ordinary bloke on feet to welcome king (8,4)

I believe the answer is:

standing joke

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If this is the answer I cannot explain how the clue works.

(Other definitions for standing joke that I've seen before include "laugh" , "Regular source of amusement or ridicule" , "Regular cause of amusement" , "Constant source of amusement" .)

I've seen this clue in The Times.

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