Under new coalition reform proposals, Nicholas Griffin could become a Lord of the upper chamber by the end of the year.

Government seeks “a wholly or mainly elected upper chamber on the basis of proportional representation”. In the meantime, “Lords appointments will be made with the objective of creating a second chamber reflective of the share of the vote secured by the political parties in the last general election.”
BNP peers expected to be appointed under Lib Dem and Conservative coalition plans – Telegraph Blogs

6. Political Reform
"We agree to establish a committee to bring forward proposals for a wholly or mainly elected upper chamber on the basis of proportional representation. The committee will come forward with a draft motions by December 2010. It is likely that this bill will advocate single long terms of office. It is also likely there will be a grandfathering system for current Peers. In the interim, Lords appointments will be made with the objective of creating a second chamber reflective of the share of the vote secured by the political parties in the last general election."
In full: the Conservative Liberal Democrat coalition agreement - Telegraph


Remains to be seen what % threshold is required.