Former chancellor George Osborne will be made a member of the Order of the Companions of Honour today by the Duke of Cambridge.
Mr Osborne, recognised in former prime minister David Cameron's resignation honours list, will receive the award during a Buckingham Palace investiture ceremony, for political and public service.
The politician served as chancellor for six years, first during the coalition government headed by Mr Cameron and later when the Tory leader won an outright majority following last year's general election.
Mr Cameron was criticised for cronyism after his resignation honours list recognised a string of political supporters, Conservative Party donors and Downing Street staff.
Also being recognised during the Buckingham Palace investiture ceremony are three figures from the worlds of acting, television and broadcasting.
Dame Penelope Wilton, famed for her roles in Downton Abbey and the popular movies Shaun Of The Dead and The Best Exotic Marigold Hotel, will be made a Dame Commander for services to drama.
The actress and former Blue Peter presenter Janet Ellis will be awarded an MBE for services to charities and theatre.
Since 2008 Ellis has been honorary president of Maggie's - the charity which provides free practical, emotional and social support to people with cancer and their family and friends - and plays an important role in raising awareness about its work.
Actor Adil Ray, best known for his BBC comedy series Citizen Khan, will be recognised with an OBE for services to broadcasting.