The whole system is wrong. If you look at top academics and business leaders the amount they earn is many times higher than politicians so the chances of attracting truly competent people into the role is slim.What we have at the moment is a mixture or idealists and rich people who crave power, i.e. (proverbially) we are paying peanuts and what have we got?
Running the country ought to be the most important job around and paid accordingly. There should be very little by way of expenses as there should be provided transport and accommodation. In these days of easy transport and communications do we really need over 600 MPs, I don't think so we could manage with about 300.
As it stands I wouldn't be an MP for £66k or even £70k a year (although my earnings are less than a third) as you are hated by the vast majority of the population who are up for jumping on any band wagon.
Our problem is that we have been conned for decades, we've had politicians who tell us what they think we want to hear rather than the truth. The last government managed to double the national debt before the banking crisis and let that banking crisis happen. During good growth a country should be reducing its national debt but what happened is a bit like getting a better paid job and using i as a signal to run up a higher overdraft; the last time there was a budget surplus was in
2001, i.e. they were bribing us with high spending through borrowed money.
I don't buy them blaming the banking crisis on other people, either they knew what was happening which is dishonest or they didn't which is incompetent.
We currently have a national debt of around £1.3trillion and growing, selling off our stake in the banks won't even make a noticeable dent in that. As adults we all need to sit down with our children and apologise that our generation has cocked up so badly that they and their kids will be paying off our debts, we put these people in power so ultimately its our fault. I can't see any of the political parties with a credible way out of the mess that Tony and Gordon left us with.
So in summary in order to attract some people who would actually be able to do the job properly I think we should be paying them a lot more but have far fewer of them.