At least in its present form.
It is reported that the former weak and failed PM, Cameron, is rewarding friends and Minsters who were Remain campaigners in his 48 name resignation list. This is bringing the system into as much disrepute as Blair and Thatcher did.
The whole thing, where people get high honours for simply doing their jobs or for their celebrity status, is not supported by the majority of ordinary people. It needs a complete revamp. Cronyism has to be removed and it needs to be depoliticised asap.