TDiddy - I refer you again to the link I posted about Italian MPs. They earn a lot of money; but it hasn't made them less inclined to listen to lobbyists, etc. In and of itself, a high salary does not protect the public from corrupt politicians. If there is an endemic culture of entitlement, then people will seek to reward themselves as they feel fit.
However, I - personally - do believe that MPs should receive a much higher salary, but no expenses. But the golden handshakes, pension benefits, etc. should be controlled somewhat.
I don't think, however, that we should line up MPs' salaries with city salaries. Other public servants receive lower salaries to those that they might in the private sector. It's just a factor of working in the public sector.
But, I do think that there should be a swingeing review of council chiefs' salaries, etc. It is scandalous that city council leaders, for example, should earn more than Cabinet ministers. I can see why that would breed a culture of envy and resentment.
The salaries of our leading public servants need urgent review. They too should be fair and reflect the level of responsibility expected.
On a note closer to home, I also believe that it is a scandal that university vice-chancellors and their pocket-stuffing administrators see fit to reward themselves with salaries in excess of £150,000.