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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jun/15/sir-philip-green-questioned-by-mps-over-bhs-collapse-live-updates
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| Version 3 | Version 4 |
|---|---|
| Sir Philip Green: 'stupid and idiotic' decisions made over BHS | |
| (35 minutes later) | |
| 10.58am BST | |
| 10:58 | |
| Richard Graham MP suggests that Sir Philip Green met with pensions minister Steve Webb in 2012 about reducing BHS’s pension levy -- suggesting the issue was actually on his agenda. | |
| Green says he doesn't remember a meeting in 2012 with the then Pensions Minister, Steve Webb about reducing BHS's pension levy. | |
| Funny how Green found time to lobby pensions minister on £2m PPF levy in 2012 while not knowing about £££m deficit in the chrome 🤔 | |
| And then he lashes out again at Graham, demanding to know: | |
| Which bit of “don’t remember” do you find difficult? | |
| SNP MP Mhairi Black (who isn’t on the committee) can’t believe what she’s hearing: | |
| The arrogance and sexism coming from Philip Green is astonishing! Feel like I'm listening to Del Boy giving evidence. #BHS | |
| Green getting into argument with MP over whether he can answer question before MP finished asking it.. | |
| 10.52am BST | |
| 10:52 | |
| Green: Stupid, stupid, idiotic decisions made | |
| Conservative MP Richard Graham leads Green through the details of BHS pension deficit. | |
| He gets him to agree that BHS was the sponsor for its pension scheme, and that the average BHS wage was £17,000, meaning a long career would deliver a pension of £8,500 per year. | |
| So the scheme went from a surplus when you bought it, to a deficit in 2005. | |
| Then you later proposed putting £10m per year into the fund to fix the deficit - how was that decision made? | |
| Green again claims it’s nothing to do with him, and tried to blame others (such as pension trustee chair Margaret Downes). | |
| I don’t want to pass this to other people, but there has to be some accountability..... | |
| There have been some stupid, stupid, idiotic mistakes made. | |
| Richard Graham MP doing a great job on pensions.pointing out how little #BHS staff earn & how little BHS paid in. | |
| #BHS had 3 yr pension contribution holiday & then paid in only 4% of total pay bill, should have been 10%. | |
| 10.44am BST | |
| 10:44 | |
| Karen Buck MP has a valiant attempt to pin Green down about the meetings he had with BHS’s pension trustees. | |
| You can’t expect me to remember what I did eight years, ago, he insists. He suggests Buck must have been a mind-reader in a previous life if she could remember such details, and should come to work for Arcadia. | |
| Buck points out that if she were testifying to a committee, she’d know jolly well who she’s met with. | |
| Updated | |
| at 10.45am BST | |
| 10.43am BST | |
| 10:43 | |
| City analyst Louise Cooper shares the committee’s sense of disbelief: | |
| pension contributions are a large cost, so he should know the numbers.To claim innocence is unbelievable https://t.co/Udw92wOsPy | |
| 10.38am BST | |
| 10:38 | |
| The MPs are simply not convinced that Green could have been so ignorant about the BHS pension scheme. | |
| Iain Wright MP points out that the Arcadia chief famously once intervened to change BHS’s coat hangers, to save £400,000 per year. Would a man who did that really ignore the pensions of 11,000 staff? | |
| Green insists that no-one brought the issue to his attention, while also claiming that he’s not blaming anyone else. | |
| And he also repeats that he’s not a liar... | |
| I am here, I’m happy to be accountable. I’m not a liar, I can’t tell you about things I’m not responsible. | |
| Someone was asleep at the wheel about the pension issue, he concludes. | |
| So luxury yachts have wheels? | |
| A lot of other people have got questions to answer says Green on pension. Later says "somebody, maybe it was trustees, was asleep at wheel" | |
| 10.35am BST | |
| 10:35 | |
| Green keeps referring to female MPs on the committee as “your lady here” – which is going down as badly as you’d expect. | |
| 10.32am BST | |
| 10:32 | |
| Here’s Sir Philip Green’s apology to BHS staff (delivered at the start of the hearing) | |
| “There certainly (was) no intent at all on my part for anything to be like this. It didn’t need to be like this and I just want to apologise to all the BHS people who have been involved in this.” | |
| 10.29am BST | 10.29am BST |
| 10:29 | 10:29 |
| Green apologises for not tackling BHS pensions earlier | Green apologises for not tackling BHS pensions earlier |
| Sir Philip Green is unhappy that MPs keep interrupting him, trying to pin him down on the pension problems. | Sir Philip Green is unhappy that MPs keep interrupting him, trying to pin him down on the pension problems. |
| He insists that he simply wasn’t involved until 2012 (!) | He insists that he simply wasn’t involved until 2012 (!) |
| But we’ve been told that you’re a Napoleon of industry, explains Frank Field MP, the man in control of everything. We’re struggling to acclimatise to this new image of you... | But we’ve been told that you’re a Napoleon of industry, explains Frank Field MP, the man in control of everything. We’re struggling to acclimatise to this new image of you... |
| Green looks hurt, saying: | Green looks hurt, saying: |
| I haven’t run away, I haven’t tried to run away. | I haven’t run away, I haven’t tried to run away. |
| He hits out at the “outrageous and pretty rude media coverage” in recent months, which have created quite the wrong impression. | He hits out at the “outrageous and pretty rude media coverage” in recent months, which have created quite the wrong impression. |
| And he then issues a second apology, for the pension deficit: | And he then issues a second apology, for the pension deficit: |
| I‘m happy to apologise, I should have been involved earlier. | I‘m happy to apologise, I should have been involved earlier. |
| For whatever reason I wasn’t, but I should have been involved earlier. | For whatever reason I wasn’t, but I should have been involved earlier. |
| Green just said that between 2000 and 2012 the pension scheme "was not on my table" | Green just said that between 2000 and 2012 the pension scheme "was not on my table" |
| 10.22am BST | 10.22am BST |
| 10:22 | 10:22 |
| Green rejects criticism over pensions | Green rejects criticism over pensions |
| Onto the BHS pensions black hole.... | Onto the BHS pensions black hole.... |
| Green says that the pension deficit should have been tackled as soon as he bought the company. | Green says that the pension deficit should have been tackled as soon as he bought the company. |
| But he also argues that it’s not his fault, blaming “poor communication” on both sides. He also reveals he only spoke to the BHS pension trustees on a handful of occasions | But he also argues that it’s not his fault, blaming “poor communication” on both sides. He also reveals he only spoke to the BHS pension trustees on a handful of occasions |
| Sir Philip Green: If BHS pension trustees and auditors had spoken to us on day we bought the company, we could have fixed this mess | Sir Philip Green: If BHS pension trustees and auditors had spoken to us on day we bought the company, we could have fixed this mess |
| Green says in perfect world BHS pension should have been tackled day he bought the company.. | Green says in perfect world BHS pension should have been tackled day he bought the company.. |
| Green also tries to spread the blame around, saying a lot of money was paid to pension advisers -- £650,000 in the early days, rising to “north of £1.5m” by 2005-06. | Green also tries to spread the blame around, saying a lot of money was paid to pension advisers -- £650,000 in the early days, rising to “north of £1.5m” by 2005-06. |
| The MPs are concerned that Green doesn’t seem to have been a very caring steward of the BHS pension fund. In 2000, it had a £43m surplus, before you began taking dividends out. | The MPs are concerned that Green doesn’t seem to have been a very caring steward of the BHS pension fund. In 2000, it had a £43m surplus, before you began taking dividends out. |
| Tht’s not very fair, Green insists. “With due respect” I’ve explained that we put £750m back into the company. | Tht’s not very fair, Green insists. “With due respect” I’ve explained that we put £750m back into the company. |
| I was not a trustee of the pension fund, he insists. | I was not a trustee of the pension fund, he insists. |
| Q: But surely you are ultimately accountable for the pension fund? | Q: But surely you are ultimately accountable for the pension fund? |
| Where’s this conversation taking us, demands Green - [perhaps suspecting that his wallet is being lined up for a hit] | Where’s this conversation taking us, demands Green - [perhaps suspecting that his wallet is being lined up for a hit] |
| Updated | Updated |
| at 10.23am BST | at 10.23am BST |
| 10.14am BST | 10.14am BST |
| 10:14 | 10:14 |
| Q: Does your wife ever share the details of the accounts of her offshore property company (which owned some BHS properties)? | Q: Does your wife ever share the details of the accounts of her offshore property company (which owned some BHS properties)? |
| No, says Green, shaking his head and chewing on his spectacles. | No, says Green, shaking his head and chewing on his spectacles. |
| 10.12am BST | 10.12am BST |
| 10:12 | 10:12 |
| Q: Why didn’t the hundreds of millions you say you put into BHS do much good? | Q: Why didn’t the hundreds of millions you say you put into BHS do much good? |
| Retail is difficult, snaps Green - if it wasn’t, anyone could do it. | Retail is difficult, snaps Green - if it wasn’t, anyone could do it. |
| And “without being rude”, he suggests Fuller should give it a go sometime. | And “without being rude”, he suggests Fuller should give it a go sometime. |
| I know that I wouldn’t be any good at it, Fuller smiles back. | I know that I wouldn’t be any good at it, Fuller smiles back. |
| Green to Richard Fuller MP: "Maybe without being rude in your next career you should try retail" | Green to Richard Fuller MP: "Maybe without being rude in your next career you should try retail" |
| Richard Fuller with good response to Green: I wouldnt be any good at it, but at least I know that | Richard Fuller with good response to Green: I wouldnt be any good at it, but at least I know that |