I think I am firmly in the minority here - but I think they should get the pay rise. In terms of annual pay (on paper) a backbencher earns less than me and they do have considerably more responsibility, public scrutiny etc.
However, I would expect additional rules to be introduced.
1. No second Jobs. If you are doing your job as an MP properly you do not have time to be an executive director, advisor to multinationals etc.
2. Attendance. As a taxpayer I would expect my MP to attend all sessions of the commons. With reasons given for any non-attendance.
3. The highest standards. Any financial misdemeanor in the service would be met by a strict punishment. The same should apply to MPs- not everything being written off as a "misunderstanding."