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Baronets have no seat in the House of Lords. In England they were originally created in 1611 in return for paying the wages of 30 soldiers for three years to finance the Plantation of Ulster, compounded for £1,095 — perhaps about £125,000 today. Accordingly, their badge bears the Red Hand of Ulster.
In Scotland (then a separate kingdom), baronets of Nova Scotia were first created in 1625 to support settlement of that colony, paying 1,000 merks for a theoretical grant of 16,000 acres and 2,000 merks to support six settlers there for two years. A merk was two thirds of a pound Scots and the rate was 12 pounds Scots to one pound sterling, so they paid £166.13s.4d sterling — perhaps around £20,000 today. As Nova Scotia was ceded to France in 1631 it was a poor bargain.
However, Mr Hurst’s proposal would presumably need some amendment to the Honours (Prevention of Abuses) Act 1925, whereby it is an offence to accept payment for procuring a grant of a dignity or title of honour.
HUGH PESKETT
Scottish Editor
Burke’s Peerage & Baronetage
Winchester
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