HC Deb 02 November 1973 vol 863 cc25-6W
Mr. Pavitt

asked the Chancellor of the Exchequer how much is the annual loss of purchasing power of the salary of Members of Parliament since it was last fixed at the present level.

Mr. Nott

Taking the internal purchasing power of the basic salary as £4,500 in January 1972, its value in September 1973, the latest date available, is estimated to be about £3,940, equivalent to an annual rate of loss of purchasing power of 8.3 per cent. This estimate is made on the basis of the change in the General Index of Retail Prices.