My Lords, Vice-Chancellor, Ladies and Gentlemen.

Thank you all very much for coming to this very special room - the Great Subscription Room at Brooks's - to celebrate this event with me. Is 'celebrate' the right word? Our Chancellor, His Royal Highness Prince Philip, asked me if I knew how many of my predecessors had been executed. He thought I ought to know. This paper, available to everybody here this evening, lists all my predecessors since 1418. See if you can spot the ones who got the chop. I will give you a clue. The first to go to the block was Sir Thomas More, attempting till the very end to fulfil his duties as High Steward, even in the Tower. Reassuringly, Prince Philip did remark to me that, as far as he knew, the practice of execution had been discontinued.

The concept of 'celebration' is often challenged. In 2007 I was in the United States for the Queen's visit, celebrating the 400th anniversary of the founding of Jamestown. The then Vice-President Dick Cheyney asked me what we British thought we were celebrating. After all, we had lost the colonies. Just a little irritated, I replied that we were celebrating 150 years of successful colonialism and also, of course, the global triumph of the English language.

This evening, celebration is appropriate and I am indeed fortunate to have been able to celebrate here in this room two 'posts for life' bestowed on me: eleven years ago my life peerage; and now the office of High Steward.

As on that occasion, I have invited people I know, like, work with and admire. Thus, this evening, friends from many of this country's and the world's greatest companies are here - clients but also colleagues. Here also are friends and colleagues from companies that I am fortunate enough to chair: CTN, Havas Media, Nexus Publishing and Raisin Social. Then there are colleagues and valued friends from my years with the BBC and with the Royal Television Society. There are good friends from both Houses of Parliament and while my own allegiance to the Liberal Democrats is clear - and we are on the eve of a general election - I am delighted that there are friends from all three political parties.

Here this evening there are also the Ambassadors of countries that mean much to me - Germany and Russia, South Africa where I was born, Albania, Cyprus and Malta. I am honoured that the Secretary-General of the Commonwealth and his wife are also able to be here.

These guests reflect my overriding interest in our interdependence - for me much focused on the work of the English-Speaking Union (with us this evening); on the role of the Commonwealth, which continues to inspire me; on the work of Universities around the world, expressing as they do the aspirations and opportunities open to young people; and also the expanding European Union, with its key bilateral relationships - like that between Great Britain and Germany - at its core.

Then there are friends closer to home, friends from Richmond, the home of Karen and myself for fifty years. Richmond is a place of incomparable beauty on the banks of the Thames. When I negotiated my title 'Watson of Richmond' with Garter King of Arms, he commented that with five Barons and a Duke, Richmond was 'bloody crowded' and I would make it more so! In reality Richmond is crowded with our friends and a second home to our family - my sons, their wonderful wives and their children.

But above all, of course, tonight is about Cambridge - so I sport my Jesuan college tie and rejoice as never before in the Alma Mater that has given me so much. I am honoured that the Vice-Chancellor is here and has spoken so kindly. It has been a pleasure and a privilege to work with her over these years. I am honoured that the Vice-Chancellor Elect is here, and I look forward to working with him as with her.

There are friends from Chemistry, from Engineering and from Medicine - because Cambridge is adept at getting those who read History to get involved with so much else. I especially welcome here tonight those involved in the project of the Bio-Medical Campus at Cambridge, which we hope will mightily advance the relationship between the best of medical research and the best of patient care.

Much that I do with Cambridge involves helping to raise funds. I salute the achievements of our Development Office and also of the related and excellent work done in publicising Cambridge's achievements through the Press Office and developing the University's vital Alumni Relations.

So what may I be able to add as High Steward?

I must avoid execution!

I will be honoured to deputise as required, for our outstanding Chancellor, His Royal Highness Prince Phillip.

I will seek to act as an ambassador for Cambridge.

And I will help with such projects where the University feels I can and should help.

My two sons, Stephen and Martin, once gave me a light blue cushion embroidered with the text, 'It's hard to be humble if you're from Cambridge'. We have much to be proud of, and for that reason we owe much, not only to Cambridge but to many causes that further the aspiration of Cambridge's emblem which adorned the invitation cards that you received. The rubric reads:

'Hence light we draw
And with wisdom and knowledge
We fill the sacred cup"

So let's fill our cups now and drink deeply - for surely champagne conveys both wisdom and knowledge!

My Lords, Ladies and Gentlemen, Vice-Chancellor, thank you for coming.