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MPs back motion to strip Sir Philip Green of his knighthood MPs back motion to strip Sir Philip Green of his knighthood
(35 minutes later)
MPs have backed a call for Sir Philip Green to be stripped of his knighthood in the wake of the BHS scandal. MPs have voted to strip Sir Philip Green of his knighthood in the wake of the BHS scandal. The move came after a debate in which Green was labelled a “billionaire spiv” who should never have received a knighthood in the first place.
The unanimous vote in parliament came after a debate in which Green was labelled a “billionaire spiv” who should never have received a knighthood. The approval of the parliamentary motion is symbolic and carries no official sanction but intensifies pressure on the billionaire, who has been criticised for foot-dragging in negotiations with the pensions regulator to resolve the £571m deficit in the BHS pension fund.
The debate questioned whether the businessman deserved to lose his title following the BHS collapse. The debate questioned whether the businessman deserved to lose his title following the BHS collapse. The “spiv” comment was made by the Conservative MP David Winnick during a heated debate on the circumstances that led to the closure in April of BHS, the high-street retailer. The collapse led to the loss of 11,000 jobsand left thousands of pensioners facing cuts to their benefits.
The comment was made by David Winnick during a heated debate into the circumstances that led to the closure of the high street giant, resulting in 11,000 job losses and leaving thousands of pensioners facing cuts to their benefits.
“[Green is a] billionaire spiv who should never have received a knighthood, a billionaire spiv who has shamed British capitalism,” said Winnick.“[Green is a] billionaire spiv who should never have received a knighthood, a billionaire spiv who has shamed British capitalism,” said Winnick.
Winnick’s was part of a chorus of heavy criticism from the chamber levelled at the tycoon for his role in retailer’s downfall. Winnick’s comments added to a chorus of strong criticism from the chamber levelled at the tycoon for his role in company’s downfall.
Frank Field, the chair of the work and pensions committee, who jointly led the parliamentary inquiry into the collapse of BHS, accused the Topshop owner of being unwilling to part with a “modest” amount of his “mega fortune” to do his duty for the BHS pensioners. Field said that four months after Green had promised to “sort out” the pension fund there was still no current proposal on the table. The Labour MP Frank Field, chair of the work and pensions committee, accused the Topshop owner of being unwilling to part with a “modest” amount of his “mega fortune” to do his duty for the BHS pensioners. Field, who jointly led the parliamentary inquiry into the collapse of BHS, said that four months after Green had promised to sort out the pension fund there was still no current proposal on the table.
Questioning whether Green was a deserving recipient of a knighthood, Field said: “There was nothing the committee could find that shows Sir Philip Green is the king of the high street. He [Green] was a very very successful asset stripper.” Questioning whether Green had been a deserving recipient of a knighthood, Field said: “There was nothing the committee could find that shows Sir Philip Green is the king of the high street. He was a very, very, successful asset stripper.” Green was honoured by the Blair government in 2006 for services to retailing.
Field’s comments were made ahead of an afternoon vote on whether Green, who was honoured by the Blair government in 2006 for services to retail, should retain the honour. The backbench motion calls on Green to resolve the deficit in the BHS pension fund, which at last count stood at £571m, while an amendment demands the businessman be stripped off his knighthood. Also speaking in parliament Iain Wright, who co-chaired the select committee investigation with Field as chair of the business, innovation and skills select committee, told MPs the failure of BHS was “one of the biggest corporate scandals of modern times”.
Iain Wright, who co-chaired the select committee investigation with Field as chair of the business, innovation and skills select committee, told MPs the failure of BHS was “one of the biggest corporate scandals of modern times”.
“Green took rings from BHS fingers, starved it of food and water, beat it black and blue and then wants credit for keeping it alive,” said Wright. He questioned whether the reputation of a retail Midas-figure led to his honour“Green wasn’t a short term corporate raider, but raid the company he did,” Wright added.“Green took rings from BHS fingers, starved it of food and water, beat it black and blue and then wants credit for keeping it alive,” said Wright. He questioned whether the reputation of a retail Midas-figure led to his honour“Green wasn’t a short term corporate raider, but raid the company he did,” Wright added.
Although MPs are expected to vote on whether to remove Green’s honour it would not be binding, as the power to rescind a knighthood rests with the honours forfeiture committee. MPs voted in favour of the motion by acclamation, meaning that there was no opposition from the chamber floor when the speaker asked if anyone opposed the motion.
The parliamentary inquiry into the collapse of BHS has seen relations between the billionaire and MPs stretched to breaking point. There has been a war of words between Green and Field. The Labour MP for Birkenhead has riled the businessman by telling him “stop messing around and write a big cheque” and that if offered to pump less than £600m into the pension fund the committee would “just laugh”. Despite the strong signal sent by the vote, the power to rescind a knighthood rests with the honours forfeiture committee, a group of civil servants chaired by Sir Jeremy Heywood, the cabinet secretary.
The parliamentary inquiry into the collapse of BHS has seen relations between the billionaire and MPs stretched to breaking point. In particular tThere has been a war of words between Green and Field. The Labour MP for Birkenhead has riled the businessman by telling him “stop messing around and write a big cheque” and that if offered to pump less than £600m into the pension fund the committee would “just laugh”.
Green sold BHS for £1 in 2015 to investors led by Dominic Chappell, who had previously been declared bankrupt. The administrators were called in April this year, later leading to the loss of 11,000 jobs and leaving a pensions black hole.Green sold BHS for £1 in 2015 to investors led by Dominic Chappell, who had previously been declared bankrupt. The administrators were called in April this year, later leading to the loss of 11,000 jobs and leaving a pensions black hole.
Green’s business reputation was shredded in the BHS postmortem report published by MPs on Field and Wright’s committees. The report found that BHS was subject to “systematic plunder” by former owners Green and Chappell and concluded there was “little to support the reputation for retail business acumen for which he [Green] received his knighthood”.Green’s business reputation was shredded in the BHS postmortem report published by MPs on Field and Wright’s committees. The report found that BHS was subject to “systematic plunder” by former owners Green and Chappell and concluded there was “little to support the reputation for retail business acumen for which he [Green] received his knighthood”.
Ahead of the debate Green launched a fresh counter attack on Field on Thursday morning, circulating a letter that accused the MP of making “highly defamatory and false statements” about him and his retail empire which includes the Topshop parent company Arcadia.Ahead of the debate Green launched a fresh counter attack on Field on Thursday morning, circulating a letter that accused the MP of making “highly defamatory and false statements” about him and his retail empire which includes the Topshop parent company Arcadia.
In particular, the letter (pdf) accuses Field of “causing distress” to Arcadia staff by claiming that Green was “running the Arcadia group into the ground like BHS”. It adds: “The allegations you are making are false and your behaviour unacceptable. Arcadia has 22,000 employees who do not deserve to be treated in this manner.In particular, the letter (pdf) accuses Field of “causing distress” to Arcadia staff by claiming that Green was “running the Arcadia group into the ground like BHS”. It adds: “The allegations you are making are false and your behaviour unacceptable. Arcadia has 22,000 employees who do not deserve to be treated in this manner.
Green claims his advisers are close to reaching a deal with the Pensions Regulator to “sort” out the BHS pension fund. The last official measure put the deficit at £571m. Green told ITV News Green that his advisers were engaged in “strong dialogue”. “If we arrive at the place where we hope to arrive, there will be no requirement for [industry lifeboat] the pension protection fund (PPF) [to step in],” he said.Green claims his advisers are close to reaching a deal with the Pensions Regulator to “sort” out the BHS pension fund. The last official measure put the deficit at £571m. Green told ITV News Green that his advisers were engaged in “strong dialogue”. “If we arrive at the place where we hope to arrive, there will be no requirement for [industry lifeboat] the pension protection fund (PPF) [to step in],” he said.
However, the Pension Regulator indicated that a deal was some way off, issuing a statement saying it had “yet to receive a comprehensive and credible written proposal” from the Green camp. But it is understood that all sides are hoping to reach some kind of agreement before the year end.However, the Pension Regulator indicated that a deal was some way off, issuing a statement saying it had “yet to receive a comprehensive and credible written proposal” from the Green camp. But it is understood that all sides are hoping to reach some kind of agreement before the year end.