Former Liberal Democrat chief secretary to the Treasury Danny Alexander is to be knighted as part of the dissolution honours list announced today.
Alexander served in the Treasury for all of the last parliament, working closely with Chancellor George Osborne in the coalition government.
He is joined in being knighted by Vince Cable, who ended the last parliament as secretary of state for business, innovation and skills.
At the same time, former health minister Andrew Lansley is to be given a peerage, as well as former foreign secretary William Hague after both stepped down at the last election.
Also entering the Lords is former Labour chancellor Alistair Darling, former Lib Dem leader Sir Menzies Campbell, as well as David Blunkett, Peter Hain and Tessa Jowell.
Former public accounts committee chair Margaret Hodge will be handed a DBE for political and public service.