§ Mr. Powellasked the Chancellor of the Exchequer what proportion the purchasing power of the present Members' salary bears to the purchasing power of the salary in February 1950 and in October 1974, respectively.
§ Mr. Denzil DaviesThe annual, gross, basic salary of a Member of Parliament was £1,000 in February 1950, £4,500 in October 1974 and is currently £5,750.
In June 1976 a sum of £4,380 would command the equivalent purchasing power of £1,000 in 1950; the current gross annual salary of £5,750 is 1.31 times this amount. In June 1976 a sum of £6,200 would command the equivalent purchasing power of £4,500 in October 1974; the current gross annual salary of £5,750 is 0.93 times this amount.
These calculations are based on the estimates described in "The Internal Purchasing Power of the Pound" obtainable from the Press and Information Service of the Central Statistical Office.