MPs to get PAY RISE as basic annual salary increases to £86,584

Members of Parliament will get a 2.9 per cent pay increase, bringing the overall salary from £84,144 to £86,584.

The Independent Parliamentary Standards Authority, which sets pay for MPs, confirmed the rise will take effect from April 1.

It said that the increase would be the same as the average rise for public sector workers last year.

MPs' pay has remained unchanged for the past two years due to the pandemic.

Pay for politicians will go up by around £2,400
Anthony Devlin

The figure has been announced amid a wave of public sector strikes as unions demand eye-watering rises.

Ipsa was given control of politicians' salaries following the credit crunch, and the watchdog has linked increases to a specific metric on changes in average public sector earnings for October.

Richard Lloyd, Ipsa’s chairman, said: “In confirming MPs’ pay for next year, we have once again considered very carefully the extremely difficult economic circumstances, the Government’s evolving approach to public sector pay in the light of forecasted rates of inflation, and the principle that MPs’ pay should be reflective of their responsibility in our democracy.

“Our aim is to ensure that pay is fair for MPs, regardless of their financial circumstances, to support the most diverse of parliaments.

“Serving as an MP should not be the preserve of those wealthy enough to fund it themselves. It is important for our democracy that people from any background should see representing their communities in Parliament as a possibility.”

Bank of England chiefs warned earlier today that interest rates might have to rise further if the government bows to union demands for inflation-matching pay rises.

Governor Andrew Bailey said any public sector pay hikes funded by extra borrowing would be a "stimulus" to soaring prices.