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£1,000 Per Annum (Purchasing Power)

Volume 529: debated on Tuesday 29 June 1954

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42.

asked the Chancellor of the Exchequer the purchasing power today of an income of £1,000 per annum, as compared with November, 1951, for a married man with two children, taking into account the changes in taxation and allowances and in the cost-of-living index.

A married man with two children earning £1,000 now has a net income, after tax, of £898. This is equivalent in purchasing power to about £854 in November, 1951, when the net income corresponding to a similar gross income would have been £833.

In any conversations on the financial position of Members, will my right hon. Friend bear in mind the improvement that has taken place under a Conservative Government in the salary of a Member with no other income and with the average family?

Will the Chancellor give a comparable figure for an income of £100,000 per annum?