MP pay to rise by 2.9% in next financial year

MP pay

The Independent Parliamentary Standards Authority (IPSA) has confirmed a 2.9% pay increase for Members of Parliament (MPs) for the 2023-24 financial year.

IPSA sets these pay levels independent of Parliament and government. In 2015, it decided to adjust their pay at the same rate as changes in public sector earnings published by the Office of National Statistics (ONS).

The increase for 2023-24 will therefore be the same as the average increase for public sector employees the year before.

A 2.9% uplift would bring MP pay up from £84,144 to £86,584, as of 1 April 2023. This figure is subject to change in March 2023, if the ONS index is revised.

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Richard Lloyd, chair of IPSA, said: “In confirming MPs pay for next year, we have once again considered very carefully the extremely difficult economic circumstances, the government’s evolving approach to public sector pay in the light of forecasted rates of inflation, and the principle that MPs’ pay should be reflective of their responsibility in our democracy.

“Our aim is to ensure that pay is fair for MPs, regardless of their financial circumstances, to support the most diverse of parliaments. Serving as an MP should not be the preserve of those wealthy enough to fund it themselves. It is important for our democracy that people from any background should see representing their communities in Parliament as a possibility.”