Are hereditary peerages still issued in Britain today?

know if monarch still issues hereditary peerages in great britain today...it seem me hereditary peerage today meaningless, except impress @ dinner party, since unlike former eras, not accompanied vast gifts of lands monarch. if have solid information on issue, grately appreciate it. thanks.

i know if monarch still issues hereditary peerages in great britain today...it seem me hereditary peerage today meaningless, except impress @ dinner party, since unlike former eras, not accompanied vast gifts of lands monarch. if you...

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