TAXPAYERS are funding MPs' business costs to the tune of almost £120 million a year, watchdogs have revealed.

The Independent Parliamentary Standards Authority (IPSA) said the amount stood at £119.9 million for the financial year 2018-2019 - up 2% on the previous 12 months.

A further £3.5 million was also spent on security for MPs.

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Staffing accounted for the bulk of the costs, standing at £91.4 million, up 5.5 per cent on the previous year.

Office costs stood at £12.4 million, up one per cent, while spending on accommodation was £8.9 million, up six per cent on the previous year.

Travel and subsistence costs rose by 39 per cent to stand at £5.7 million.

Funding to cover staff and dependants is also included in the travel costs.

Security costs dropped by 23 per cent from £4.5 million in 2017-2018.

IPSA's interim chairman Richard Lloyd said: "Throughout the year, IPSA quietly and effectively carried out its core business of making salary, business costs and eligible expenses payments to 650 MPs and their 3,750 staff.

"In recent days we have been supporting 155 newly-elected Members of Parliament to get used to their new roles, and helping those former MPs who are leaving to wind up their offices.

"Through IPSA, taxpayers can be assured that MPs properly use the public resources given to them, within transparent and robust rules.

"IPSA is now acknowledged as a world leader in its field, and makes a vital contribution to promoting confidence in the daily work of our democracy."