Behind the idea is a former barrister, Tony Samuelson, 65, who owns the lavatories opposite the Garrick theatre, St Martin's Lane.
Mr Samuelson, the Lord of Totteridge Manor, north London, will tackle the issues of the day. One cause close to the media mogul's heart is the English National Opera - he will call for the public hanging of its directors. 'I want to change the way people think. It is a scandal that public funds are wasted producing terrible opera when there are three generations of people unemployed.
The tabloid-sized hat will be sold for 70p from 4 to 5.30pm in Leicester Square and Covent Garden. Mr Samuelson says: 'It could be the most glorious failure at the end of the 20th century.'