The Honours system is not just falling into disrepute; it has become disreputable and should be scrapped in its present form.
Only one Honour should exist; the Order of Merit. This is in the gift of the sovereign and has nothing to do with politicians. It should be awarded to people who have sacrificed their potential to help others before themselves in order to better the lives of those in need. It should be rare, nominated by the public and awarded after careful scrutiny. It should not be available for celebrity, succeeding in one’s job or profession or becoming rich, all of which bring reward enough; or prowess in sport or giving big money to charity. All these things are worthy but bring their own reward. Honours should demand real sacrifice, not just generosity of time or money which can be afforded. And never, ever, given to politicians.
And the House Of Lords? That should be scrapped and replaced with an elected Senate. The title Lord could be used instead of Senator, but only while in office, which should end automatically after two six year terms, whether consecutive or not.