The Press and Journal (Inverness, Highlands, and Islands)
‘Not worthy of his title’
Commons: MPs demand Sir Philip Green loses knighthood
MPs sought to ramp up the pressure on Sir Philip Green by unanimously recommending he is stripped of his knighthood.
The former BHS owner was labelled a “billionaire spiv” as MPs lined up to criticise his role in the retail chain’s demise.
They have asked the Honours Forfeiture Committee to ensure Sir Philip’s knighthood is “cancelled and annulled”, with the moveviewedbyone former minister as part of the businessman’s “humiliation”.
The unprecedented decision is non-binding, although Downing Street indicated it believes the independent committee may have a decision to make in the future.
The Government also called on Sir Philip to “quickly” remedy the BHS pension scheme deficit, with investigations under way into the conduct of BHS directors and the management of the pension scheme.
BHS went into administration with a £571million pension scheme deficit shortly after being sold for £1 by Sir Philip to serial bankrupt Dominic Chappell.
Labour MP Iain Wright, chairman of the Business, Energy and Industrial Strategy Committee, said BHS is “one of the biggest corporate scandals of modern times”.
He also said: “I see Green as a billionaire spiv, a billionaire spiv who should never have received a knighthood, a billionaire spiv who has shamed British capitalism, and the least we can do today is to make our views clear and strong.”
The criticism came after Sir Philipmadeanother defence of his actions.
In a letter sent by the businessman’s holding company Taveta, he accused senior Labour MP Frank Field of “highly defamatory and false statements” for dragging the tycoon’s Arcadia group into the BHS saga.
It also accused Mr Field of causing “distress” to Arcadia’s 22,000 employees by suggesting Sir Philip is “running Arcadia into the ground like BHS”.
Sir Philip’s letter said there is “absolutely no substance” to the allegations.
Mr Field has led the charge against Sir Philip over BHS’s collapse, dragging him before MPs to explain his actions. Opening the debate yesterday, Mr Field said Sir Philip was a “very successful traditional asset-stripper”.