§ Mr. Kenneth Lomasasked the Chancellor of the Exchequer what is the present value of the salary of a Member in terms of the value at the latest increase in 1971; by what proportion it has dropped and by how much it should be increased to bring it in line with the latest cost-of-living index.
§ Mr. Robert SheldonThe basic salary of a Member of Parliament was last increased—to £4,500—in January 1972. Taking the internal purchasing power of the £ sterling as 100p in January 1972, its value in September 1974, the latest date available, was 74½p; the value of £4,500 was therefore about £3,350, equivalent to a fall of 25½ per cent. £4,500 would need to be increased by £1,525 in order to match increases in detail prices since January 1972. These estimates are made196W on the basis of the change in the General Index of Retail Prices.