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World

MPs vote to strip Philip Green of knighthood

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World

MPs vote to strip Philip Green of knighthood

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COMING UP:MPs vote to strip Philip Green of knighthood

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00:00:00
>> He took the rings from BHS's fingers, he beat it black and blue, he starved it of food and water, he put it on life support, and then he wanted credit for keeping it alive.>> The verdict from MPs, unanimously calling to strip Philip Green of his knighthood in a vote on Thursday.
00:00:19
The 65-year-old billionaire owned British department store, BHS, for 15 years. But then he sold it for 1 pound to a serial bankrupt with no retail experience. Lawmakers say its demise can only blamed on Green. But it will take a little longer to settle the score, says Reuters' UK retail correspondent, James Davey.
00:00:39
>> The vote today is only symbolic. It's gonna now be considered by senior civil servants and non-government members. And they will decide, ultimately, if Philip Green gets to keep his knighthood.>> Some 11,000 jobs were lost, and a pension deficit of half a million pounds was left over.
00:00:59
That's now been handed over to the Pension Protection Fund, leaving 20,000 former BHS workers receiving considerably less what they would have. Green says he's sorry and he'll sort it out, but so far he hasn't come up with much.>> Philip Greene has, the MPs say, a moral obligation to fill the gap.
00:01:17
The pension regulator says it's still to receive any comprehensive, credible proposal or offer from Green. So, really, it's in Green's court now.>> In an interview with ITV on Tuesday, Green said there was light in the tunnel. But it will most likely cost him hundreds of millions of pounds to make good on the deficit and to have any chance of salvaging his knighthood.