Having refused the offer of a peerage from Macmillan, on 20 July 1962 Lloyd was appointed a Companion of Honour. His name had been added to the list at the last minute; he would have preferred to decline, thinking it an honour more suited to alumni of the Arts, but was persuaded by friends to accept. In his unpublished memoirs he would later write that he had tried to avoid "a bitter resentment against Macmillan" for the sake of his peace of mind.