I've a better idea. Why not strip honours from everyone who has just been doing their job for years and being well paid for it. Special investigation into the entertainment industry, but the civil service ought not get away scot free either.
Meanwhile make the upper house a democratically elected upper house, party loyalties barred, only a portion of it up for re-election at any one time to add hysteresis and avoid fashionable but dangerous short term swings of opinion. Ensure no automatic admission to government positions simply for receiving a pat on the back.