The annual salaries of members of the British parliament (MPs) could rise to almost £94,000 ($116,490) per year after the body in charge of their pay recommended a slightly above-inflation increase.

The Independent Parliamentary Standards Authority (IPSA) announced on Monday that it was proposed to increase MPs’ pay by 2.8 per cent in April, subject to a consultation.

If approved, the increase would take an MP’s annual salary to £93,904, up from £91,346.

At the start of the last parliament, in 2019, MPs were paid £79,468.

The IPSA proposal is in line with the government’s recommendations on a wider public sector pay increase for this year and slightly above the current inflation rate of 2.5 per cent.

The Bank of England has forecast an increase in inflation later this year.

MPs do not determine their salaries, which IPSA has set since the watchdog was established in 2011 in the wake of the expenses scandal.

IPSA chairman Richard Lloyd said the body aimed to “make fair decisions on pay, both for MPs and the public.

“Our pay proposal for 2025–26 reflects the experience of the wider working public sector population and recognises both the vital role of MPs and the current economic climate.”

IPSA would consult on its proposals until mid-March.

It is also conducting a wider review of MPs’ salaries, which it is obliged to do in the first year after an election. 

(dpa/NAN)