20 Oct 2016 05:00pm

MPs recommend Philip Green be stripped of his knighthood

MPs have backed a call for former BHS owner Sir Philip Green to be stripped of his knighthood during a House of Commons debate on Thursday
Caption: MPs approve motion calling on Green to be stripped of knighthood during debate

According to MPs, the business tycoon did not deserve the title after “robbing” BHS employees and “shaming British capitalism”.

Frank Field, the chair of the Work and Pensions committee, called Green a “very successful traditional asset stripper”.

"We are dealing with a man who has huge sums in wealth. He could have dealt with the pensions problem and walked away smelling of roses," he said.

While every MP supported the motion, the vote was non-binding and will need the approval of the Honours Forfeiture Committee, which has the final say.

Green has been accused of forcing BHS into administration and blocking a rescue sale, which led to the loss of 11,000 jobs.

He sold the business for £1 to Dominic Chappell in March last year even though Chappell did not have any significant experience in retail and had been declared bankrupt twice before. The retail chain ended up going into administration a year later.

Chappell has said that the retailer could have been saved if Green had assisted him and Retail Acquisitions instead of calling administrators.

The retailer’s collapse also led to a pension scheme shortfall of around £570m.

Ian Wright, chair of the Business Innovation and Skills committee, described the BHS pensions scandal “one of the biggest corporate scandals of modern time”.

Jessica Fino

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