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Sir Philip Green rejects 'unfair' criticism over BHS collapse - live updates Sir Philip Green rejects 'unfair' criticism over BHS collapse - live updates
(35 minutes later)
4.00pm BST
16:00
Field: Green needs to make generous pension deal
Frank Field, head of the Work and Pensions committee, says that Sir Philip Green’s credibility is now on the line.
His reputation as a top business chief now hangs on his willingness to support BHS pensioners, says Field, speaking to my colleague Sarah Butler.
Frank Field after Green's session in parliament "a lot of credibility now rests on a very generous settlement" on pension deficit from Green
Field says Green is a v rich man who has just gone through worst 4wks of his life. "If I was him I would think £571m quite cheap"
Field adds; "over the last 6hrs Sir Philip kept saying he didn't want to blame anyone but was giving us rather a big list"
3.23pm BST3.23pm BST
15:2315:23
The pension regulator has swiftly responded to Green’s evidence.The pension regulator has swiftly responded to Green’s evidence.
In a statement, it denies refusing to engage with Sir Philip Green.In a statement, it denies refusing to engage with Sir Philip Green.
It also states that it hasn’t received any “new proposals”.It also states that it hasn’t received any “new proposals”.
pensions regulator again issues denial that it has refused to engage w Green on BHS pension restructuring pic.twitter.com/7nyhvQdvR3pensions regulator again issues denial that it has refused to engage w Green on BHS pension restructuring pic.twitter.com/7nyhvQdvR3
3.12pm BST3.12pm BST
15:1215:12
And finally, as Big Ben rings 3pm, Green repeats his pledge to sit down with the pensions regulator and talk about the pension scheme.And finally, as Big Ben rings 3pm, Green repeats his pledge to sit down with the pensions regulator and talk about the pension scheme.
I want to get this over quicker than you do, he pledges. And he promises to do all he can to support any deal to save BHS.I want to get this over quicker than you do, he pledges. And he promises to do all he can to support any deal to save BHS.
And that is finally the end of the meeting, after a near six-hour marathon.And that is finally the end of the meeting, after a near six-hour marathon.
3.07pm BST3.07pm BST
15:0715:07
Green blasts "envy and jealousy" over tax set-upGreen blasts "envy and jealousy" over tax set-up
Q: With hindsight, do you think the offshore setup of your businesses is incompatible with the modern world?Q: With hindsight, do you think the offshore setup of your businesses is incompatible with the modern world?
Green checks his pad for a prepared statement, and then pronouncesGreen checks his pad for a prepared statement, and then pronounces
Envy and jealousy are two incurable diseases. I have done nothing wrong.Envy and jealousy are two incurable diseases. I have done nothing wrong.
Green insists that his empire could have been structured much more aggressively to avoid tax.Green insists that his empire could have been structured much more aggressively to avoid tax.
We have paid many, many hundreds of millions of pounds of tax. As far I am concerned I have a very clear conscience. We have paid everything due.We have paid many, many hundreds of millions of pounds of tax. As far I am concerned I have a very clear conscience. We have paid everything due.
Green suggests that he could, for example, have taken his fashion brands offshore and charged a royalty.Green suggests that he could, for example, have taken his fashion brands offshore and charged a royalty.
Where we made money here, we paid tax here.Where we made money here, we paid tax here.
Envy + jealously are 2 incurable diseases, Green says. "I've done nothing wrong" on tax. "These structures could have been more aggressive"Envy + jealously are 2 incurable diseases, Green says. "I've done nothing wrong" on tax. "These structures could have been more aggressive"
3.01pm BST3.01pm BST
15:0115:01
Green: Criticism has been unbalanced and unfairGreen: Criticism has been unbalanced and unfair
Q: What lessons can we learn from the BHS failure, to help rebuild the public’s trust in the capitalist system?Q: What lessons can we learn from the BHS failure, to help rebuild the public’s trust in the capitalist system?
Green say’s he’s immune to criticism after the last few weeks, which have meant he’s been unable to visit his stores.Green say’s he’s immune to criticism after the last few weeks, which have meant he’s been unable to visit his stores.
Q: Do you feel hounded?Q: Do you feel hounded?
The criticism has been wholly unbalanced and unfair, Green says, a little mournfully.The criticism has been wholly unbalanced and unfair, Green says, a little mournfully.
I made a bad call selling this business to RAL [Chappell’s Retail Acquisitions], Green says. But other people made mistakes too, including lawyers, and now everyone says it’s just my fault.I made a bad call selling this business to RAL [Chappell’s Retail Acquisitions], Green says. But other people made mistakes too, including lawyers, and now everyone says it’s just my fault.
I’m a big boy, I can take a punch on the chin.... but I didn’t do this deliberately, he concludes.I’m a big boy, I can take a punch on the chin.... but I didn’t do this deliberately, he concludes.
"I made a bad call in selling this business to [Chappell]" he says. "I picked the wrong guy. I didn't do it intentionally.""I made a bad call in selling this business to [Chappell]" he says. "I picked the wrong guy. I didn't do it intentionally."
UpdatedUpdated
at 3.16pm BSTat 3.16pm BST
2.57pm BST2.57pm BST
14:5714:57
Q: Do you think your reputation has been improved by today’s session?Q: Do you think your reputation has been improved by today’s session?
Green declines to mark his own homework, but hopes that people understand what happened at BHS.Green declines to mark his own homework, but hopes that people understand what happened at BHS.
I’ve had quite a few supportive emails and texts from BHS staff, he adds.I’ve had quite a few supportive emails and texts from BHS staff, he adds.
Q: What would you like your legacy to be, in a year’s time?Q: What would you like your legacy to be, in a year’s time?
Green looks baffled, saying even he’s not clever enough to undo the past.Green looks baffled, saying even he’s not clever enough to undo the past.
Then he talks about the work that Arcadia does in the fashion industry, encouraging young talent.Then he talks about the work that Arcadia does in the fashion industry, encouraging young talent.
“All people in BHS know I’m honest and no way I would have wanted this kind of ending.”“All people in BHS know I’m honest and no way I would have wanted this kind of ending.”
In other words, he’s not a bad guy, honest...In other words, he’s not a bad guy, honest...
2.54pm BST2.54pm BST
14:5414:54
Q: Would you consider buying BHS back if you could get the pension issue sorted?Q: Would you consider buying BHS back if you could get the pension issue sorted?
No, Green insists. Life has moved on.No, Green insists. Life has moved on.
Not for the 11,000 staff at BHS, the committee point out.Not for the 11,000 staff at BHS, the committee point out.
Q: So who are the winners from the BHS story?Q: So who are the winners from the BHS story?
No-one, Green says, adding.No-one, Green says, adding.
I think it was a very sad episode. Everything that could have gone wrong, did go wrong.I think it was a very sad episode. Everything that could have gone wrong, did go wrong.
Q: So who are the losers?Q: So who are the losers?
That’s easy, Green says. The staff and the pensioners.That’s easy, Green says. The staff and the pensioners.
2.51pm BST2.51pm BST
14:5114:51
Green demands apology over "ego" jibeGreen demands apology over "ego" jibe
Green then confirms that he attended a meeting with Mike Ashley and the administrators on 27 April, at Arcadia’s offices.Green then confirms that he attended a meeting with Mike Ashley and the administrators on 27 April, at Arcadia’s offices.
He produces a letter from the administrator saying Arcadia offered to add £5m to Sports Direct’s bid for BHS and did not frustrate the deal.He produces a letter from the administrator saying Arcadia offered to add £5m to Sports Direct’s bid for BHS and did not frustrate the deal.
Q: So why did it fail?Q: So why did it fail?
Because of one of these, says Green, producing his chequebook.Because of one of these, says Green, producing his chequebook.
And he denies that he did anything to block Mike Ashley from taking controlAnd he denies that he did anything to block Mike Ashley from taking control
On what possible basis would I want to stop someone buying BHS?On what possible basis would I want to stop someone buying BHS?
“Ego”, says Iain Wright.“Ego”, says Iain Wright.
Green looks *furious*. “That’s really rude,” he says, and out of order. He says Wright should apologise.Green looks *furious*. “That’s really rude,” he says, and out of order. He says Wright should apologise.
Green starts to assembles his papers, muttering that he’s glad the meeting is over.Green starts to assembles his papers, muttering that he’s glad the meeting is over.
But it’s not over quite yetBut it’s not over quite yet
UpdatedUpdated
at 3.16pm BSTat 3.16pm BST
2.47pm BST2.47pm BST
14:4714:47
The session turns rowdy, now, as Iain Wright probes Sports Direct’s attempts to rescue BHS.The session turns rowdy, now, as Iain Wright probes Sports Direct’s attempts to rescue BHS.
He gets Philip Green to confirm that he didn’t know Mike Ashley (Sports Direct’s founder) was trying to sort out a deal.He gets Philip Green to confirm that he didn’t know Mike Ashley (Sports Direct’s founder) was trying to sort out a deal.
And Wright then produces a letter from Ashley, which states that the two men did have contact.And Wright then produces a letter from Ashley, which states that the two men did have contact.
Green tries to interrupt, telling Wright to stop bullying him (!) and claiming that he’s in charge of what he says.Green tries to interrupt, telling Wright to stop bullying him (!) and claiming that he’s in charge of what he says.
Wright and Green tussle for control of the meeting. "You are not in charge" says Wright "Don't bully me let me answer you says Green"Wright and Green tussle for control of the meeting. "You are not in charge" says Wright "Don't bully me let me answer you says Green"
Green then explains that he didn’t know that Chappell held all-night talks on Thursday 21 April, until the Friday lunchtime Chappell asked Green for Ashley’s phone number.Green then explains that he didn’t know that Chappell held all-night talks on Thursday 21 April, until the Friday lunchtime Chappell asked Green for Ashley’s phone number.
He reveals that he then had a jokey conversation with Ashley, but insists that he has zero knowledge about the negotiations.He reveals that he then had a jokey conversation with Ashley, but insists that he has zero knowledge about the negotiations.
Q: So how much contact did you have over the weekend?Q: So how much contact did you have over the weekend?
We may have spoken a few times, Green concedes.We may have spoken a few times, Green concedes.
And now he's saying he had several phone calls with Ashley over the weekend before BHS went bust.. https://t.co/q3nptKD0YiAnd now he's saying he had several phone calls with Ashley over the weekend before BHS went bust.. https://t.co/q3nptKD0Yi
2.39pm BST2.39pm BST
14:3914:39
The committee turn to the events of April, when BHS went into administration.The committee turn to the events of April, when BHS went into administration.
Green denies that he triggered it - even though he refused to accept that £60m loan from Gordon Brothers.Green denies that he triggered it - even though he refused to accept that £60m loan from Gordon Brothers.
Green says he doesn't accept that his decision to not let BHS off £35m charge pushed the company into administrationGreen says he doesn't accept that his decision to not let BHS off £35m charge pushed the company into administration
But then Iain Wright MP reads a letter from the administrators, Duff and Phelps, showing that Green has asked him to attend a meeting.But then Iain Wright MP reads a letter from the administrators, Duff and Phelps, showing that Green has asked him to attend a meeting.
Oooh: Iain Wright blows up Philip Green's evidence by reading out Duff + Phelps letter saying Green brought them in as administratorOooh: Iain Wright blows up Philip Green's evidence by reading out Duff + Phelps letter saying Green brought them in as administrator
Green explains that he was told on Friday 22 April that an unknown retailer was attempting a last-ditch rescue bid, but he didn’t know who [I think this is Sports Direct].Green explains that he was told on Friday 22 April that an unknown retailer was attempting a last-ditch rescue bid, but he didn’t know who [I think this is Sports Direct].
But if it didn’t transpire, he [Green] was concerned that staff wouldn’t be paid the next week if a deal wasn’t agreed.But if it didn’t transpire, he [Green] was concerned that staff wouldn’t be paid the next week if a deal wasn’t agreed.
2.31pm BST2.31pm BST
14:3114:31
Green looks like he might mislay his rag, when asked to clarify his commitment to BHS pensioners.Green looks like he might mislay his rag, when asked to clarify his commitment to BHS pensioners.
We covered that five and half hours ago, he says, before repeating that he will meet with the pension regulator and try to agree a deal.We covered that five and half hours ago, he says, before repeating that he will meet with the pension regulator and try to agree a deal.
Sir Philip still being v truculent "I answered that 5 1/2 hours ago. Can we get to the end?"Sir Philip still being v truculent "I answered that 5 1/2 hours ago. Can we get to the end?"