Sir Philip Green's knighthood under review as tycoon braces for critical report from MPs
Sir Philip Green’s knighthood is under review in one of the first signs Theresa May is committed to living up to her promise to crack down on corporate greed.
The Cabinet Office has admitted, in a letter to Labour MP Jim McMahon, that, the case of the Topshop tycoon "is being reviewed."
The response came after MPs including Mr McMahon, MP for Oldham & West Royton, last month wrote to the Honours Forfeiture committee to ask that Sir Philip be stripped of his knighthood, which was awarded for his services to retail in 2006, during Tony Blair's premiership.
The admission comes just three days before what is expected to be a highly critical report of Sir Philip and the events that led to the collapse of BHS by a joint Commons select committee.
Sir Philip has come under heavy criticism for selling the 88-year-old retail chain to Dominic Chappell, a former bankrupt with no retail experience. The department store fell into administration in April.
The failure of the retailer, which is now in the process of shutting its stores and selling-off stock, has created 11,000 job losses and left a £571m pension deficit which threatens 20,000 former workers.
The Cabinet Office has admitted, in a letter to Labour MP Jim McMahon, that, the case of the Topshop tycoon "is being reviewed."
The response came after MPs including Mr McMahon, MP for Oldham & West Royton, last month wrote to the Honours Forfeiture committee to ask that Sir Philip be stripped of his knighthood, which was awarded for his services to retail in 2006, during Tony Blair's premiership.
The admission comes just three days before what is expected to be a highly critical report of Sir Philip and the events that led to the collapse of BHS by a joint Commons select committee.
Sir Philip has come under heavy criticism for selling the 88-year-old retail chain to Dominic Chappell, a former bankrupt with no retail experience. The department store fell into administration in April.
The failure of the retailer, which is now in the process of shutting its stores and selling-off stock, has created 11,000 job losses and left a £571m pension deficit which threatens 20,000 former workers.
The letter also sets out the process to cancel an honour. The Honours Forfeiture Committee,
which is chaired by Cabinet Secretary Sir Jeremy Heywood, consider
a case and then submit its recommendation through the Prime Minister to
the Queen.
If the Queen then approves the recommendation, a notice of forfeiture is placed in the London Gazette, a publication that is also used to announce insolvencies.
The process would not formally begin until the joint Commons select committee completes its ongoing investigation.
A Cabinet Office spokesperson said: "Applications for forfeiture are considered by an independent committee. They have been clear that they will not consider reviewing an honour until any formal reviews or investigations which establish the facts of a case have been completed. However, we continue to keep the case under review."
The Prime Minister last week announced in her official campaign launch her plans to end "fat cat" culture. In remarks which could be viewed to be directly relevant to BHS, Mrs May said that while the Conservatives are the "party of enterprise" they must not accept "anything that goes".
If the Queen then approves the recommendation, a notice of forfeiture is placed in the London Gazette, a publication that is also used to announce insolvencies.
The process would not formally begin until the joint Commons select committee completes its ongoing investigation.
A Cabinet Office spokesperson said: "Applications for forfeiture are considered by an independent committee. They have been clear that they will not consider reviewing an honour until any formal reviews or investigations which establish the facts of a case have been completed. However, we continue to keep the case under review."
The Prime Minister last week announced in her official campaign launch her plans to end "fat cat" culture. In remarks which could be viewed to be directly relevant to BHS, Mrs May said that while the Conservatives are the "party of enterprise" they must not accept "anything that goes".
May: I have a vision of a country that works for everyone
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00:49
"The people who run big businesses are supposed to be accountable to
outsiders, to non-executive directors, who are supposed to ask the
difficult questions, think about the long-term and defend the interests
of shareholders", Mrs May said.
Last week Sir Philip Green issued a last-minute attempted to defend his reputation by arguing that he had tried to save BHS from collapse by offering to top up Sports Direct's buyout offer offer with a further £5m in April.
Last week Sir Philip Green issued a last-minute attempted to defend his reputation by arguing that he had tried to save BHS from collapse by offering to top up Sports Direct's buyout offer offer with a further £5m in April.
Sir Philip Green in fiery six hour hearing with MPs
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01:11
Frank Field, chairman of the work and pensions committee,
one of two making up the joint committee on BHS, has previously said
that Sir Philip should be stripped unless he paid £571m into the Pension
Protection Fund.
Mr Field's argument provoked the retail tycoon to call for the veteran MP to remove himself from the inquiry.
More than one month on from publicly promising during a gruelling 6 hour testimony in front of MP's that he would “sort” the BHS pensions deficit, Sir Philip and The Pensions Regulator are yet to agree a deal.
A spokesman for Sir Philip declined to comment.
Mr Field's argument provoked the retail tycoon to call for the veteran MP to remove himself from the inquiry.
More than one month on from publicly promising during a gruelling 6 hour testimony in front of MP's that he would “sort” the BHS pensions deficit, Sir Philip and The Pensions Regulator are yet to agree a deal.
A spokesman for Sir Philip declined to comment.
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