3.47pm Overhead from one MP (who's on his way out of Parliament at the next election): "I can't wait to get out of this place."

3.00pm Those £700 day rates are already stacking up. In a statement Sir Ian Kennedy says he is starting work "immediately" on a consultation that will be "wide but not time-consuming". He says the final scheme will be put in place next spring.

"Public faith in Parliament has been severely hit by the events of the last few months and I have no illusions about the scale of the task ahead."

2.50pm There is much discussion among MPs about Kelly's insistence that they will no longer be allowed - from today - to make capital gains on properties paid for by the taxpayer. How such gains would be recouped is far from clear but many MPs are weighing up the option to stop claiming their allowances immediately to remove any doubt.

David Cameron is in with a meeting of the backbench 1922 Committee meant to focus on European policy. Instead, everyone wants to talk about expenses.

2.25pm Speaker Bercow has sent a letter this afternoon to all MPs in which he says that although members will have their say during a "period of public consultation" on the Kelly proposals, they should not seek to open up individual parts of the package.

He says that three points are of "seminal importance":

Firstly, that the IPSA regime has to be indpendent in substance and symbolism from the House. "There would be no merit in creating a new institution if it were not seen to be radically different from past arrangements."

Secondly, that the public would not look kindly on anything "perceived as deliberate procrastination". No "special pleading" will be allowed.

Thirdly, the practicalities can still be debated, "and there is the chance to express concern about any unintended consequences of the proposed changes".

So practicailties can be discussed, but not the broad thrust. Clear enough?

1.15pm Some more detail on Sir Ian's pay at Ipsa - and it won't do Sir Nicholas's blood pressure any good. The £100,000 is just a cap on his salary - he will actually earn £700 a day, for a two- or three-day week. If he worked full time he'd be earning well into six figures.

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