Michael Farmer—excuse us: Baron Farmer, of Bishopsgate in the City of London—has built a £150 million fortune running one of the very few commodity hedge funds still in business. Needless to say, he can’t be bothered to even fill out the paperwork to get his £300 daily allowance for showing up for work at the House of Lords. But the baron wants you to know that not everyone in the upper house is clad in ermine and swilling champagne and foregoing their 300 quid. If anything, they’re not collecting it because they can make more elsewhere, and thusly don’t show up. So if Britons want to keep their unelected nobles around to cause occasional annoyance to their elected government down the hall, they’re going to have to pony up.
Lord Farmer, a hedge-fund boss and Conservative donor, said people would consider the current payment to be 'modest and even inadequate' if they knew how hard peers worked.
And he argued that peers deserved higher pay because attending the House of Lords 'restricts their earning opportunities elsewhere'….
'Crucially, however, if their [peers] contribution is to be considered worthy of public funding, the public need to value and understand the work we do.