"Is Her Majesty a socialist?" inquires a troubled Margaret Thatcher, after watching the Christmas Day Queen's speech and feeling undermined by the monarch's expressions of concern for those struggling in the face of deprivation. "I don't think she's an actual Trot, old love," replies Denis soothingly.
There's plenty more where that came from in Moira Buffini's playful and intelligent speculation on what might have gone on behind closed doors during the 11 years that Mrs T, as PM, had a weekly meeting with Her Majesty. "Whatever we say, must stay within these three walls," insists the Queen, even as she stares out beyond the fourth wall into the audience.
This is an evening of twinkling meta-theatre larkiness. There are always two Queens and Thatchers on stage: older and young versions who occasionally disagree. In lesser hands this might prove irritating, but Buffini and director Indhu Rubasingham handle it with such delicate wit that this titanic struggle between two women of different backgrounds but of similar ages – both shaped by fathers they adored – becomes fascinating and affecting. Even the interval is a bone of contention: the Queen wants a break, but the PM is determined to press on.
There are times when it feels like a slightly over-extended sketch, but it's a high-spirited and shrewd one. Make no mistake, this is not a less starry version of The Audience. Marion Bailey and Lucy Robinson as Elizabeth, and Stella Gonet and Fenella Woolgar as Margaret make quite sure of that.
It's a show that cleverly explores the nature of history. Casting Neet Mohan and Jeff Rawle in all the smaller roles (Thatcher becomes incandescent with rage when Rawle's Denis morphs into Lord Carrington) reminds us that, while we remember the great events of our time, they tell us nothing about the everyday lives affected by the decisions of those in power.
Until 2 August. Box office: 020-7328 1000. Venue: Vaudeville theatre (Tricycle box office).
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