MPs' pay

In most occupations, there is at least an approximate relationship between pay and market forces.  Even if they do not strike, there will be a tendency for more to leave the occupation than to enter it if they are chronically underpaid and recruitment will be difficult until pay is increased.  Conversely, applications will exceed vacancies if the occupation is overpaid.

 

There were 3,554 candidates for only 646 vacancies at the 2005 General Election.  This was the second highest number of candidates on record, 235 more than in 2001 and an average of 5.5 for each vacancy, so should MPs vote themselves any pay rise or are they overpaid already?