yesterday's cod

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  • liliput

    Senior Member
    U.K. English
    Cod is a type of fish. Fish is best eaten fresh. Cod that was caught yesterday is no longer very fresh and therefore isn't worth very much and may be starting to smell. So in your example a British Institution is being sold as if it were something of little value or something to be got rid of quickly. It's not a common expression but it's amusing and immediately understandable (for a native speaker).
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