Laughing stock, ordinary bloke on feet to welcome king (8,4)
I believe the answer is:
standing joke
If this is the answer, I'm afraid I cannot explain it.
Can you help me to learn more?
(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" .)