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It is Britain's best-selling current affairs magazine, The forerunner of Private Eye was a school magazine, The Salopian, edited by Richard Ingrams, Willie Rushton, Christopher Booker and Paul Foot at Shrewsbury School in the mid-1950s.

After National Service, Ingrams and Foot went as undergraduates to Oxford University, where they met their future collaborators Peter Usborne, Andrew Osmond, John Wells and Danae Brook, among others.

The magazine proper began when Usborne learned of a new printing process, photo-litho offset, which meant that anybody with a typewriter and Letraset could produce a magazine.

The publication was initially funded by Osmond and launched in 1961.

At first Private Eye was a vehicle for juvenile jokes: an extension of the original school magazine, and an alternative to Punch.

However, according to Booker, it simply got "caught up in the rage for satire".

After the magazine's initial success, more funding was provided by Nicholas Luard and Peter Cook, who ran The Establishment – a satirical nightclub – and Private Eye became a fully professional publication.

It was named when Andrew Osmond looked for ideas in the well known recruiting poster of Lord Kitchener (an image of Kitchener pointing with the caption "Wants You") and, in particular, the pointing finger.

After the name Finger was rejected, Osmond suggested Private Eye, in the sense of someone who "fingers" a suspect.

The magazine was initially edited by Christopher Booker and designed by Willie Rushton, who drew cartoons for it.

Its subsequent editor Richard Ingrams, who was then pursuing a career as an actor, shared the editorship with Booker, from around issue 10, and took over at issue 40.