The party said Mr Walker is a committed champion for families dealing with the cost of living.

Former Conservative supermarket boss Richard Walker is set to be made a Labour peer, it is understood.

The executive chairman of Iceland will be one of around 25 new members of the Lords appointed by Sir Keir Starmer in the coming weeks, as first reported by the Sun on Sunday.

A Labour source said: “Richard Walker is a committed champion for families dealing with the cost of living – from campaigning to make infant formula more affordable to helping customers avoid loan sharks.

“He will be a strong voice in Parliament and we are delighted to welcome him.”

Mr Walker previously donated to the Conservatives and explored standing for Parliament for the party, but quit in 2023 before backing Sir

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