dsr-burnley
Well-known member
- Aug 15, 2014
- 2,564
Remember that when they lose their job, they get a year's salary tax free. That's such a generous severance package that they had to make a special law so that they didn't have to pay tax on it. Everyone else who gets redunadancy pay of over £30k has to pay tax on it, but MP's voted themselves to be exempt.I'm a bit conflicted on MPs pay. They are public servants getting a rise while many others don't, but many others have secure employment whereas an MP generally has 5 years, then out of the job potentially. If you want the best people you can find to run the country, giving up their full time careers to become MPs, to go through a whole raft of selection processes to even get to contest a seat, then the campaigning itself - it is not the most attractive proposition to many talented people who may make great MPs.
It's why we end up with a high portion millionaires with trust funds behind them as they don't actually need the money, just the power. Those with real talent know they can secure roles in commercial business that will outstrip what they'll get as an MP without all the public campaigning and engagement required etc. and after all that potentially losing.
The counter to that is many sit in 'safe' seats, barely needing to campaign at all, or seemingly needing to do much enjoying a very cushy role. Hence I'm often torn on the subject.
Incidentally, they also voted in a special law about pensions. Other people with high pension have to pay large amounts of tax on what is deemed to be the excess. MPs get 2% of salary for every year's service, so even if they only do 5 years they get a £8,500 annual pension; they don't have to work for all that long before their pension is so large that it would be subject to extra tax if they hadn't passed their law to make themselves exempt.
Most of their expenses would be taxable in the real world too. If you buy a second home for your job but your employer pays the mortgage for you, then it's a taxable benefit. So are many of the other gifts and rewards they collect from the taxpayer - TVs and such. They keep having to pass special laws to ensure they aren't taxed like everyone else.