There has always been a convention that in the City of London ex services wear Regimental ties on Fridays.........or Club or school ties. This has also spread to Parliament over the years and I am quite pleasantly surprised when people do it on the train into town who I would never have expected to and it leads to some very interesting conversations at times.
I think it should be more widespread and by adding the wear red those who dress down can also join in.
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