Theresa May set to be rewarded with life peerage in Rishi Sunak's dissolution honours joining her predecessor David Cameron in the House of Lords

Theresa May will be rewarded with a life peerage in Rishi Sunak's dissolution honours list, joining her predecessor David Cameron in the House of Lords.

The move means that the former Prime Minister will stay in parliament despite stepping down as an MP before the general election.

Ms May, 67, follows Lord Cameron of Chipping Norton into the upper house after he became the first ex-Prime Minister since Margaret Thatcher to become a peer.

Meanwhile, former BBC chairman Richard Sharp, who was Mr Sunak's boss at Goldman Sachs, has been snubbed by his former employee after the Prime Minister was advised not to formally put his name forward.

Mr Sharp, who was appointed chairman of the corporation under Boris Johnson, had to resign last year after it was revealed that he had helped secure a role for Mr Johnson.

The ex-BBC boss denies the accusations but admits introducing the former Prime Minister's Canadian cousin to the Cabinet Secretary Simon Case.

An official report, however, found that Mr Sharp had not fully disclosed his knowledge of Mr Johnson's finances, creating the appearance of a conflict of interest.

No 10 had planned to hand him the peerage as a reward for his work as Mr Sunak's adviser in the Treasury during Covid, which included helping to create and oversee the business loans scheme, The Times reports.

But officials were told the recommendation was unlikely to pass and were advised to keep his name off the list, before passing on this information to the Prime Minister who accepted the decision.

Mr Sharp is not thought to be in line to receive any other honour but it is possible that Mr Sunak will draw up a separate resignation list if he loses this July's election.