Later today I will add a further post giving further details and comments about the statement.
In the House of Lords tomorrow, Lord Steel's 'House of Lords Bill' will be considered. The text of that Bill can be found at http://www.publications.parliament.uk/pa/ld200607/ldbills/052/2007052.pdf.
It is a bill "to make provision for the appointment of a Commission to make recommendations to the Crown for the creation of life peerages; to restrict membership of the House of Lords by virtue of hereditary peerage; to make provision for permanent leave of absence from the House of Lords; to provide for the expulsion of members of the House of Lords in specified circumstances; and for connected purposes."
It is a private Members Bill. We should see further reaction from the Lords to Jack Straw's statement. The first response is likely to come as the statement is repeated in the Lords this afternoon.