'huge, queer and tawdry' but 'much admired by the public'

Silly billy. You spend political capital when you do something unpopular that you can get through because of your authority, at the expense of weakening it for future measures. The hunting ban was an exercise in earning political capital - Tony had no personal interest in it, but it was both supported by the public, really popular with Labour MPs, and useful for picking a fight with the Lords which made it a good one when the public needed reminding that the Tories were the party of hereditary privilege attempting to override the democratically elected section of Parliament.