London - The Conservative Party Treasurer, Mr Michael Ashcroft, is to become a life peer in the House of Lords, it was announced yesterday. The Conservative leader, Mr William Hague, nominated the British-Belizean tycoon for the honour and he was named in a list of new working peers announced by the government.
There had been speculation that the nomination would be blocked by the Political Honours Scrutiny Committee, comprised of senior Parliamentarians. However, Mr Ashcroft gave what Downing Street said was a "clear and unequivocal assurance" that he will take up permanent residence in the UK before the end of the year and he would not take up his seat in the Lords until after his return.