has everyone forgotten that Private Eye is a (supposedly) satirical magazine and therefore could just be taking the piss?
That could give a misleading impression of it to anyone outside the UK who's never seen it. Yes, there's eight pages or so of Onion-style cartoons and fake news items (including some by Big Finish writer Nev Fountain).
But its news pages, whether they're covering tax frauds, political corruption or just self-indulgent TV production, tend to be in-depth, well-researched and based on leaks from insiders (its pseudonymed specialist columnists have often turned out to High Court judges, top level QCs, etc etc). If Watergate had happened in England, Deep Throat would have gone to the Eye.
It gets sued a lot because it's willing to take more of a risk on how early to publish, but that means it's broken more than its fair share of stories - and when it's lost libel cases, it's often been proved right anyway with hindsight (eg, Robert Maxwell was as big a crook as the Eye repeatedly alleged). I'd hate it if who ended up on the wrong side of the Curse of Gnome.