In October 2015, the House of Lords voted to delay tax credit cuts and demanded alterations to the way they are administered, the first time they have overturned a House of Commons vote on financial matters in years. The policy was not contained in a formal financial act and so does not fall under the Salisbury-Addison convention (i.e. the House of Lords will not vote against legislation promised by the government during elections,) or the Parliament Act 1911 (i.e. the House of Lords will have less delaying power on ‘money bills’).
David Cameron, Prime Minister and leader of the Conservative Party, ordered a “rapid review” of how to preserve the power of the government in financial matters, which may translate to looking into limiting the power of the House of Lords in similar situations.
Useful articles on this issue: