§ Mr. Bishopasked the Chancellor of the Exchequer what is the estimated annual decline in the purchasing power of Members of Parliament's salaries for each year since they were last revised; and what is the total amount of depreciation since that date.
§ Mr. HigginsThe estimated annual percentage decline in the internal purchasing power of a Member of Parliament's salary for each year since October. 1964, is as follows:
Per cent. October, 1964 to October, 1965 4.4 October, 1965 to October, 1966 3.5 October, 1966 to October, 1967 1.9 October, 1967 to October, 1968 5.1 October, 1968 to October, 1969 5.0 October, 1969 to October, 1970 6.0 October, 1970 to June, 1971 7.3 The total decline in purchasing power between October, 1964, and June, 1971, the latest date for which information is 265W available, is estimated at 29.0 per cent., giving the Member's salary a purchasing power of £2,308 compared with £3,250 for October, 1964.
These comparisons are based on the movement in the Consumer Price Index for calendar years adjusted to each October and to June, 1971, by the movement in the General Index of Retail Prices.