Branson: Attract 'higher quality' MPs by improving pay

Sir Richard Branson has said a wage increase for MPs could be a good thing for the country because it will attract "higher quality politicians."

In a blog on the Virgin website, Branson argued that "countries would be able to attract higher quality politicians by offering them greater rewards".

Sir Richard Branson. Credit: Press Association Images

The Virgin founder also suggested the cost could be offset by reducing the number of politicians and the size of parliament.

Branson believes changes in pay could help reduce corruption and produce a more efficient and effective government which could improve the global economy.

Read: Most MPs work hard, so should they get paid more?

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MPs' pay set to rise to £74,000

The MPs' expenses watchdog, the Independent Parliamentary Standards Authority, has recommended that MPs' salaries should be increased by £6,000 to £74,000 in 2015. But they face restrictions on their expenses and pension schemes.