Not 800 surely?
http://www.bbc.co.uk/news/uk-politics-34072201
I'm all for having a second chamber but it seems to me that it's about time the for every new peer created we need to cull (not necessarily literally,... although in some cases...

) one of the old guard, preferably someone who's acquired a habit of picking up their £300 daily allowance but whose contribution amounts to little more than a snooze, a drink in the bar or even just signing a register before heading off to do more important things...
I'm sure there are many active peers who do an excellent job but frankly there are a good number of leeches sucking at the lifeblood of parliament who are a disgrace and need to be burnt off. Tough decisions have to be made and I think continuing to allow the abuse of the system by peers who contribute little or nothing is setting a particularly poor example to the country, albeit involving relatively small sums of money.
Contrast the Lords with England's rugby union world cup squad where players who've consistently given 100% to their sport and view representing their country as an incredible privilege, get dropped because there are only so many places. Let's have some competition for places in the Lords rather than a cosy club ever more bloated with old farts and those more interested in the prestige and expenses than anything else.