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Seems that is only the case for the Honours lists and this just goes straight through.
Do you have a source for that?
https://www.gov.uk/government/news/ministerial-appointments-november-2023 titles him Rt Hon so the ennoblement hadn't completed whenever that was published.
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Guardian comment suggesting that it can be done outside the usual vetting process:
There is a vetting process if people are proposed for a seat in the House of Lords in an honours list. But if a prime minister wants to put someone in the House of Lords so they can serve in government, the appointment gets made immediately
Seems that is only the case for the Honours lists and this just goes straight through.