But Tory peer Lord Norton urged caution over 'Big Bang reform' to parliament's second chamber after suggestions it should replaced with elected representatives.
"What we're going to do after today is now consult on those recommendations, test them, and in particular, look at how can they be implemented."
He added:"We're going to get one shot at fixing our economy and fixing our politics and I want to make sure we get it exactly right." "One has to be wary of some Big Bang reform, grand reform, which often takes the form of displacement activity - the nation's got problems, people must come up with constitutional reform because it's a fairly simple, straightforward proposal, rather than actually getting down to the real issues," he told Times Radio.
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