Donating lots of money to political parties has always been a route to becoming ennobled. And it's not only the Tory party - they're all at it.
Best solution, in my opinion, would be to just scrap the House of Lords entirely. If you must have a revising 'upper chamber' then simply choose the members in the same way juries are chosen - by random selection from the entire population - and limit their term of office to five years. You could allow anyone rich enough to buy their way out of having to serve by paying some extravagant sum, say a million pounds to start with, to HMRC.
Best solution, in my opinion, would be to just scrap the House of Lords entirely. If you must have a revising 'upper chamber' then simply choose the members in the same way juries are chosen - by random selection from the entire population - and limit their term of office to five years. You could allow anyone rich enough to buy their way out of having to serve by paying some extravagant sum, say a million pounds to start with, to HMRC.