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The Independent Parliamentary Standards Authority confirms that MPs pay will increase by 2.9% from April 2023, taking their salary from £84,144 to £86,584. [27] 2023 West Lancashire by-election: Labour hold the seat with a 62.3% vote share, and an increase of 10.3%. Ashley Dalton is the new MP. [28]
In September 2023, Joseph Rowntree Foundation calculated that a single adult in the UK in 2023 needs at least £29,500 a year to have an acceptable standard of living, up from £25,000 in 2022. Two partners with two children would need £50,000, compared to £44,500 in 2022. 29% of the UK population – which works out to 19.2 million people ...
21 June – UK inflation figures for May 2023 show it remained higher than expected, at 8.7%. [447] 22 June The Bank of England raises the official bank rate from 4.5% to 5%, the 13th consecutive rise, and a greater increase than economists had expected. [448] The RMT announces three fresh days of strike action for 20, 22 and 29 July. [449] 23 June
The first regular salary was £400 per year, introduced in 1911. For comparison, average annual earnings were £70 in 1908. [6] Salaries were reduced 10% in the 1930s, during the Great Depression. [1] Some subsequent salary levels were £1,000 in 1946, £3,250 in 1964, £11,750 in 1980, and £26,701 in 1990. [2]
[2] For a public-sector comparison, the UK prime minister is entitled to a salary of £167,391 [3] [4] and the Cabinet Secretary is entitled to a salary of £200,000 to £204,999. [5] The table below outlines financial data - CEO salaries and turnover figures - where available, of a selection of major charities in the United Kingdom, by capital.
According to the agency, an outlook period “typically lasts 12-18 months”. However, while the UK’s economic outlook has been graded as “negative”, Moody’s credit rating for the UK ...
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In financial year 2018-19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023-24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023-24, this totalled £14 billion. [13]