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Saturday
13  July

How much will your MP earn?

 
24/06/2024 @ 09:02

 

We are just 11 days from the July 4 General Election which is promising to be the closest run Montgomeryshire contest for some time.

It was a landslide for Craig Williams and the Conservatives last time out, but the betting scandal and general discontent towards the Government means that there are plenty of votes up for grabs this time around with the expanded constituency into Glyndwr.

But the big question of how much MPs earn is always a talking point, and particularly the expenses and pension side of things that are added on, so we have taken a look.

There will be plenty of old and new candidates vying for the 650 seats in the House of Commons.

We have gleaned this information from moneyweek.com and the BBC.

How much is an MP paid?

Parliamentary salaries are set by The Independent Parliamentary Standards Authority (IPSA), set up in 2009 followiung the MP expenses scandal.

The basic annual salary for an MP from April 1, 2024 is £91,346, an increase of 5.5% this year. Keep in mind that the average UK salary is roughly £35,000.

Expenses are always a talking point and MPs can claim for the cost of running an office and employing staff, as well as having somewhere to live in London or their constituency and travelling to and from Parliament.

Salaries can rocket for senior roles with the Prime Minister picking up an extra £75,440 as Prime Minister, on top of an MP’s salary, taking the total pay to £166,786.

That may seem a lot, but remember there are Wrexham footballers earning double that figure.

The Secretary of State could earn £67,505 on top of the basic salary, while ministers pocket an extra £31,680. The chairs of parliamentary committee receive an additional £18,309.

The leader of the opposition, currently Sir Keir Starmer, receives an extra £49,193. Commons Speaker Sir Lindsay Hoyle gets an additional £79,760.

What happens to MPS that lose their seat?

MPs who lose their seat are compensated with a ‘winding up payment’ worth four months’ salary, but only if the MP has served for two consecutive years.

Those who stand down receive an allowance to cover the costs of shutting their office down.

Pension perks

MPs contribute to a Parliamentary Contributory Pension Fund that provides a retirement income linked to an MP’s final earnings and the number of years they have served.

Moneyweek.com reports that it is “extremely generous” compared to the contribution schemes that most private sector workers and constituents are used to.

But the career of an MP is unpredictable with job security obviously not as stable as the private sector with the need to ‘re-apply’ for their job every five years, via an election.

Don’t forget to vote on July 4.

The Montgomeryshire & Glyndwr candidates (in no particular order):

Reform UK: Oliver Lewis

Plaid Cymru: Elwyn Vaughan

Green Party: Jeremy Brignell-Thorp

Labour: Steve Witherden

Conservatives: Craig Williams

Liberal Democrats: Glyn Preston