The next Labour government will [ ] bring about an immediate modernisation, by introducing legislation to remove the right of hereditary peers to sit and vote in the House of Lords.
Labour will also introduce a mandatory retirement age. At the end of the Parliament in which a member reaches 80 years of age, they will be required to retire from the House of Lords.
Labour will ensure all peers meet the high standards the public expect of them, and we will introduce a new participation requirement as well as strengthening the circumstances in which disgraced members can be removed.
We will reform the appointments process to ensure the quality of new appointments and will seek to improve the national and regional balance of the second chamber. Whilst this action to modernise the House of Lords will be an improvement, Labour is committed to replacing the House of Lords with an alternative second chamber that is more representative of the regions and nations. Labour will consult on proposals, seeking the input of the British public on how politics can best serve them
I thought they might abolish the hereditary peers elections but not actually remove them. The compulsory retirement age of 80 is a bit of a surprise as there are a lot of over-80 Labour peers. I expect we shall see a large number of Labour peers created if Labour wins on 4 July
As far as Life peerages are concerned - no Life Peerages above the rank of Baron are allowed to be created since the inception of Life peerages. This is enshrined in Law. After all they are Barons of Parliament. I for one, would prefer it remains an unelected chamber - more an appointed chamber by other than politicians - so the Lords remain an advisory chamber, using their professional (if they have any - but it should be mandatory that a peer should have attained a senior position in commerce, industry, law or arts) expertise. In other words the House of Lords should be apolitical.
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Clause 1 of the Bill as amended by the House of Lords limits the number of excepted hereditary peers to 87 which matches the number of elected hereditary peers currently in the Lords ie including Lord Carrington who is also LGC. On the face of it therefore the Duke of Norfolk as Earl Marshal would lose his seat. The purpose of the amendment however is that the by-elections will cease but nobody will be expelled, other than by the current means. Lord Aberdare however has given notice of his intention to retire from the Lords next month so by the time the Bill is enacted (assuming the Commons approve the amendment which I doubt they will) the limit of 87 can include the Duke of Norfolk. Perhaps the number was selected knowing that Lord Aberdare was intending to retire. Maybe there is something about this in the Hansard reports of the debates on the Report stage and 3rd reading of the BIll
Retirement and Participation Committee The Lord Privy Seal (Baroness Smith of Basildon) moved that: (1) It is desirable that a Select Committee be appointed to consider and make recommendations on— (a) a retirement age, and (b) a participation requirement, for members of the House of Lords; (2) In relation to these issues the Committee shall consider and report to the House on— (a) the impact of a retirement age on the House and, in particular, its size and functioning, (b) the impact of a participation requirement on the House and, in particular, its membership and functioning, and (c) options for the implementation of a retirement age and participation requirement including without primary legislation and that these options should include transitional measures, where appropriate; and (3) The Committee do report by 31 July 2026. The motion was agreed to.

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[W]e are committed to ensuring that the House can continue to function effectively. I have been consistently clear that this has never been about hampering the ability of the Opposition to scrutinise the Government. The Government have had constructive conversations with the Official Opposition on completing the passage of this legislation. Having had those discussions, we appreciate the case that has been made by the Official Opposition that they rely significantly on the experience of hereditary Peers, particularly on the Front Bench but also in committees. Therefore, an agreed number of life peerages will be allocated to the Official Opposition—and to the Cross-Benchers, who made a similar case in relation to experience. As always, it will be for the party opposite to decide which individuals, from within or outside the House, it wishes to nominate for peerages, subject to vetting by the House of Lords Appointments Commission on the basis of propriety. Your Lordships will be aware that the Liberal Democrats have already nominated some from their ranks for life peerages from their normal allocation of peerages.
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Two hereditary peers who are set to be removed from the House of Lords will be allowed to keep their parliamentary passes and ceremonial positions.
The Duke of Norfolk, Edward Fitzalan-Howard, and Lord Carrington won the concession after raising concerns privately about the need to keep their role in organising state occasions.
[...]