Do we need a reform of MPs expenses?
As the weekend press brought yet another MP's expenses scandal, which while wholly legal does not appear to be in the spirit of the rules, there are growing calls for a wide-ranging review of MPs expenses. Many people who are suffering across the UK cannot understand how MPs can claim for an array of expenses, employ family members and claim for a second housing allowance even though the tax regulations allow these second homes to be deemed as their "main residence".
While there is no suggestion that any of the actions detailed in the press at the weekend are illegal it does seem rather strange that expenses can very often exceed the substantial wage packet which many MPs receive. The old argument that the life and MP can be fairly short lived does not appear to have much support in the public domain bearing in mind that the vast majority of MPs are able to obtain connections via their position and take up job opportunities after leaving Parliament. Indeed, those at the very top or able to go on speaking tours, gain jobs in public life elsewhere and even write bestselling books.
Many people believe the main obstacle to a wide-ranging reform of MPs expenses is the fact that MPs themselves police their own financial packages. Where else in the world does this happen?
Share this..
Related stories
Blockbuster goes into administration
14/11/2013 Another well known high street provider has announced today that it is set to shut 72 out of its 264 stores throughout the UK, and cut 452 jobs after confirming earlier in the week it was going into administration. The troubled DVD rental chain Blockbuster is one of the many high street stores that have come under pressure from its online competitors and supermarkets. This is the...
Read MoreFSA to send bonus questionnaire to UK banks
The Financial Services Authority (FSA) is in the process of finalising a questionnaire which will be sent to all UK banks asking for information regarding remuneration and bonuses. The questionnaire will contain 33 questions which will allow the FSA to get a handle on how members of staff can obtain bonuses, any guaranteed bonuses and ultimately how the system works regarding each banking institut...
Read MoreBT announces profits fall but pension fund concerns are greater
Despite announcing first-quarter figures which showed profits down 45%, it is the issue of BT's final salary pension scheme which is causing more concern amongst investors. This is the largest UK final salary scheme in existence and is currently said to be around £8 billion in deficit. Even though the figure of £8 billion may well have fallen after the recent run of the UK stock market, there ar...
Read MoreOvertime payments reduced as recession bites
The TUC has revealed that the amount of overtime paid this year has fallen by £1 billion to £10 million in what many believe is a sign of the recession. However, this is not your stereotypical sign of a recession because the TUC believes that more and more people feel "obligated" to give up their own private time to their work - unpaid. While it is impossible to confirm or deny the TUC report...
Read MoreNorthern Rock chief executive took home £1.3 million last year
Gary Hoffman, the chief executive of Northern, took home £1.3 million last year placing him amongst the highest-paid civil servants in the UK. Details of his remuneration package were revealed in the report and accounts for the Northern Rock "bad bank" operation which was separated from the more profitable operations of the original Northern Rock. Even though the report and accounts also show...
Read More