Hereditary peers' last hurrah as 700-year-old system abolished

A new law removing the remaining hereditary peers from the House of Lords took effect as Parliament’s session ended, completing a long-running reform that began in 1999. Ninety-two hereditaries remained after that earlier reform; the recent legislation ends their automatic right to sit, though around 15 Conservatives and some crossbenchers will be reappointed as life peers to preserve experience. The change increases the proportion of appointed life peers (about 700) and bishops (26) in the chamber and is part of wider planned Lords reforms. Market impact on the UK 100 is likely muted and indirect — reflecting potential shifts in governance, patronage and longer-term political reform risks rather than immediate economic policy changes.