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New peers could serve 15-year terms in a bid to shrink the size of the House of Lords it was revealed yesterday (mon).

The government has come under pressure to cut down the upper chamber which has 800 members and no retirement age.

The Lords is the second largest legislative body in the world - behind the National People’s Congress of China.

Proposals for a 15-year limit have been suggested by the Lords Committee tasked with reducing the size of the membership according to The Times.

The Committee has also asked the Tory, Labour, Lib Dem and Crossbencher groups in the Lords to commit to reducing the size of their blocs.

There are currently 252 Tory Peers, 199 from Labour, 100 Lib Dems and 180 crossbenchers.

Campaigners have criticised the cost of the House of Lords whose members are entitled to claim £300 every day they attend.

Despite a change in the rules to allow peers to retire from political life while keeping their title being introduced in 2014, few have taken up the option.

Today musicals millionaire Andrew Lloyd-Webber revealed he was standing down as a peer.

He wrote to the Clerk of the Parliament to express his intention to resign from the House of Lords, effective from midnight tonight.

(Image: Daily Mirror)

In a letter to the chief whip, passed to the Mirror, Lord Lloyd-Webber writes: "I have been privileged to be a member of the House for 20 years and resign with a heavy heart, but in the knowledge that what is expected from a member today is very different from what it was when I joined the House in 1997.

"I have a work schedule stretching ahead of me that is the busiest of my career to date.

"This means it would be impossible for me to regularly vote or properly consider the vitally important issues that the House of Lords will face as a consequence of Brexit .

"I feel my place should be taken by someone who can devote the time to the House of Lords that the current situation dictates.

"I have enjoyed my time in the House of Lords immensely and hope that my place can be taken by someone who can meet the demands and circumstances that the changing character of the House of Lords increasingly requires."