The Speaker, Lord Cave went on to explain, would no
longer be required to decide what was or was not a Money Bill. The decision would rest with a Joint Standing Committee representing both Houses equally. This would prevent grave changes being effected by what could be called " Money Bills " only in a very technical sense. Bills affecting money raised by rates would specifically be placed outside the category of Money Bills. The Parliament Act was not to apply to any measure which affected the status or composition of the House of Lords. The reformed House would consist of 850 members, of whom only Peers of the Blood, the Lords Spiritual and the Law Lords would be permanent members. The rest of the House would be composed partly of members elected by the number of existing Peers and partly of members nominated by the Government of the day. The nominated members would sit for twelve years and one-third of them would retire every fourth year.
