We would have a much better class of competent people experienced in life if we let MPs still run their businesses or have jobs on a part time basis and be an MP at the same time. This is how it used to be. With the short hours and long holidays they have it would make very little difference in the time spent as an MP.
Since they banned MPs from having other other jobs, so we just have 'professional' politicians, we have had the Blairs, Browns, Prescotts, Balls, Millibands, Camorons, Cleggs and Osbornes of this world in Parliament and what a collective shower of brown stuff and disaster they have been.
Personally, even if you raised pay significantly I could not see things getting any better, look at EU pay scales and the clowns there!
In previous generations of landed and rich families, the fool of the family would be pointed in the direction of a career as a priest in the church. Now after an undistinguished career in ideal top management training positions such as refolding towels in Selfridges they then become a 'researcher' for a political party and climb the greasy pole.