The most common and most likely answer to this crossword clue is the 5 plus 7 letter word BORIS JOHNSON
I've seen this crossword clue in Independent
B
O
R
I
S
J
O
H
N
S
O
N
Buddy explains!
The straight part
We know that "Old Etonian" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old etonian = boris johnson.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.