According to Belfast Telegraph, Prime Minister Rishi Sunak is set to accept a significant 5.5% increase in his MP’s pay, as indicated by No 10. The Independent Parliamentary Standards Authority (Ipsa) has recommended raising MPs’ basic salaries to £91,346 from April, a notable increase from the previous £86,584. This raise surpasses both last year’s 2.9% uplift and the 4% Consumer Prices Index inflation rate. Ministers, including Mr. Sunak, have been voluntarily forgoing pay increases to their ministerial salaries since 2010.
In the financial year 2022-23, Mr. Sunak’s taxable UK income exceeded £2 million, with over £500,000 paid in taxes. His total income included significant capital gains and investment earnings, with only a small portion coming from his MP and prime ministerial salaries. Despite his substantial wealth, Mr. Sunak’s decision to accept the pay rise has sparked debates about his connection to the public’s cost-of-living challenges.
How often does ipsa review mps’ salaries
The Independent Parliamentary Standards Authority (IPSA) reviews MPs’ salaries in the first year of each Parliament, as mandated by Section 4A of the Parliamentary Standards Act 2009. This review process ensures that MPs’ salaries remain competitive and fair, reflecting changes in the wider economy and public sector pay. Additionally, IPSA conducts periodic market reviews of MPs’ staff pay ranges to ensure they are in line with the market and not out of step with comparable roles across the UK. Therefore, IPSA reviews MPs’ salaries at the beginning of each new Parliament and conducts market reviews of staff pay ranges to maintain fairness and competitiveness.
The salary of Members of Parliament (MPs) in the United Kingdom is determined by the Independent Parliamentary Standards Authority (IPSA), an independent statutory body established in the aftermath of the MPs’ expenses scandal. IPSA sets and administers MPs’ pay, allowances, and pensions, ensuring that MPs are fairly compensated for their responsibilities while safeguarding public funds.
The annual salary for an MP is currently £86,584, as of April 2023, with additional allowances for staffing, office expenses, and accommodations in London or their constituency. IPSA reviews MPs’ pay in the first year of each new Parliament and makes adjustments as necessary to reflect changes in public sector earnings and ensure fair compensation for MPs’ roles. MPs’ pay is independent of both the government and Parliament, with IPSA making data-based decisions to determine appropriate salaries for MPs based on research and public sector trends.
