Former prime minister David Cameron has been accused of bringing the honours system into disrepute after recommending rewards for dozens of his “cronies” in his resignation honours list, including a businessman who gave £500,000 to the Better Together campaign.

Among those reportedly set to get gongs is Ian Taylor, the businessman and philanthropist, who heads the oil trading company Vitoil and is expected to receive a knighthood.

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He has personally given the Conservative Party more than £1.6 million, including £100,000 for the party's 2016 Holyrood campaign, helped the pro-UK campaign in the Scottish independence referendum to the tune of £500,000 and contributed at least £350,000 to Remain.

The family foundation charity that Mr Taylor founded has given millions to good causes, including many in Scotland.

But controversy surrounding some of Vitoil’s business dealings in the Balkans and Middle East as well as the company’s tax affairs led the SNP in 2013 to urge Better Together to return what it called “dirty money”. Vitoil, however, has always strenuously maintained it has done nothing wrong and that its tax affairs are fully compliant with UK tax law.

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Others reported by the Sunday Times to be receiving knighthoods include Chancellor Philip Hammond, Defence Secretary Michael Fallon, Commons leader David Lidington and Conservative Party chairman Patrick McLoughlin. Also on the list are several Downing Street aides and spin doctors as well as ministerial chauffeurs and even Isabel Spearman, Samantha Cameron’s stylist, who has been nominated for an OBE.

One insider noted: “They must have gone through the No 10 staff- list when they were compiling the nominations. I’m surprised Larry [the Downing Street cat] is not in there.

Among the 35 CBEs, OBEs and MBEs expected on Mr Cameron’s list is Will Straw, head of the Remain campaign, who is the son of former foreign secretary Jack Straw, and who has been nominated for a CBE.

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The list is also said to include 24 members of the former premier’s Downing Street retinue; 20 former or serving special advisers from Mr Cameron’s government and10 Tory MPs, including six serving and four former ministers;

Also reportedly earmarked for honours are four members of Mr Cameron’s local Oxfordshire constituency party and two of his official drivers.

Tom Watson, Labour’s deputy leader, was scathing about the award of honours for what he dubbed “David Cameron’s old boys’ network”.

He said: “That Mr Cameron proposes to reward his friends’ network on such a huge scale will not only bring the honours system into disrepute, it will undermine the reputation of the Theresa May. It’s cronyism, pure and simple, and proof the Tories will always put their own interests before those of the country.”

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Tim Farron, the Liberal Democrat leader, said: “Cameron’s cronyism on this, which is what it is, dishonours the honours system.”

James Dornan for the SNP noted: “This just highlights how truly ridiculous the honours system has become with knighthoods handed out by a departing prime minister as a form of personal patronage and reward to his donors, aides and MPs.”

The MSP said that suggestions the granting of the honours had been held up due to “ethical concerns over some of the nominees” were particularly striking and cast even further doubt over the former PM’s judgement.

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“Mr Cameron may think that he’s able to sneak these out while departing for the backbenches but it’s only right that these nominations come under very serious scrutiny,” he added.

A spokesman for Scottish Labour said: “Instead of rewarding his former cabinet colleagues for failure with knighthoods, David Cameron should be apologising to the people of Britain for the mess he has left our country in. His reckless gamble with the EU referendum will cost thousands of jobs and hold our economy back years. That’s not a record to be proud of.”

Meantime, Owen Smith, who is challenging Jeremy Corbyn for the Labour leadership, described Mr Cameron’s resignation honours list as the “most eloquent possible argument for overhauling the whole honours system”.

Accusing the former PM of using the honours system to “slap his friends on the back,” the Pontypridd MP said: “The current system sends completely the wrong message about what achievements we should value as a society. Instead of handing out gongs to Establishment big-wigs and the super rich, we need a system that honours the selfless acts of people right across our country, celebrating those who serve others and their communities.”

He added: “It just goes to show that at the moment the Tories think they can get away with anything. A strong and effective opposition under my leadership would put an end to that.”