'Led By Donkeys' of course is a reference to the description of the British Army during the Great War: "Lions led by donkeys."

The lions were the brave soldiers who served and died in the trenches; the donkeys were the staff officers of the General Staff who sent them to their deaths.

As satirised by Black Adder (and reprised by Putin in his meat-wave attacks in Ukraine):

https://youtu.be/rblfKREj50o?si=hq1Bnjoo4fApV2Nj