Baroness title for LastMinute.com founder Lane Fox

Digital champion Martha Lane Fox will be youngest female peer (PA)

The founder of online travel company LastMinute.com is set to become the youngest female member of the House of Lords after being appointed as a cross-bench peer.

Martha Lane Fox, who will become known as Baroness Lane-Fox of Soho, announced her appointment on Twitter, and joked that her choice of the West End district synonymous with strip clubs and bars would mean “free cocktails and nipple tassels.”

The 40-year-old subsequently deleted the post, saying it was a “joke to friend”.

Ms Lane Fox co-founded Lastminute.com in 1998 and became a millionaire in the 2000 initial sale of shares to the public.

Her work since has been focused on helping people make the most of the internet.

She founded a charity called Go On UK to spread digital skills, and in 2009 she was appointed the UK Government’s digital champion.