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It's fairly common for retired senior politicians to become a Lord or Lady
As well as her, earlier PMs who have include Callaghan, Wilson, Hume (who gave up a hereditary title to stand for election, so he could be PM, but was given a life peerage after he retired), Macmillan (who was given a rare hereditary one), Eden and Attlee - so that includes 3 Labour PMs.
Yes, she did shit on the working class, by and large - or, at least, the bits of the working class she didn't like.