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Theresa May faced growing pressure to demand Sir Philip Green lose his knighthood today after MPs slammed the billionaire as the 'unacceptable face of capitalism'.
No 10 said the findings of a major Commons inquiry into the collapse of BHS were 'concerning' and proved the case for Mrs May's ambition to 'reform capitalism' and ensure the economy 'works for everyone'. Sir Philip - branded Sir Shifty by critics - has so far remained silent on the damning report and has not been seen publicly since last week. Frank Field, the co-chair of the Parliamentary inquiry, today demanded Mrs May seek 'retribution and justice' over the collapse of the high street chain. Labour MP John Mann said it was an 'outrage' Sir Philip had not already been stripped of his knighthood while Tory Richard Graham slammed the tycoon for running the firm as a 'mediaeval fiefdom'.
Lord Bob Kerslake, who ran the committee ultimately responsible for stripping honours when it cancelled Fred Goodwin's knighthood over the RBS collapse, today said Sir Philip had a clear 'case to answer'.
The removal of honours is overseen by the Forfeiture Committee and not the Prime Minister - but an intervention from Mrs May would place almost unstoppable political momentum behind the demand.
Honours are removed where an individual has brought the system into disrepute and No 10 would today go further than to refer to the 'independent committee'.
Mr Field today branded Sir Philip as 'much worse' than the infamous Robert Maxwell, the late MP turned media tycoon, who defrauded a newspaper pension scheme with a complex series of loans before his death.
And he challenged Mrs May to act, telling the BBC: 'I cannot believe this plundering of BHS, the vulnerability of staff and pensioners is something she is going to accept.
The Birkenhead MP today said Sir Philip 'needs to get his cheque book out' to fill the pension scheme black hole - which is estimated at being £571million.


The location of Sir Philip, pictured aboard his new yacht Lionheart last week, was not clear today. Mr Field's committee today harshly criticised Sir Philip for his actions after he sold the retailer to bankrupt Dominic Chappell shortly before it collapsed and left 11,000 people redundant. Sir Philip gave hours of often bizarre evidence to the joint pensions and business committee but his explanations were dismissed in today's extraordinary report. Mr Graham said: 'After over 20 years in international business, I thought little would surprise me. Labour MP Frank Field today warned the pension deficit at Top Shop, still owned by Sir Philip Green, was rising fast. At a Westminster briefing today, Mrs May's spokeswoman said: 'The Prime Minister has already set out we need to tackle corporate irresponsibility, reform capitalism so it works for everyone and not just the privileged few. Mr Field said the black hole in the BHS pension fund was 'at least' £571million, the level at which it was valued last year but which does not account the growing scale of the problem.
Mr Field warned other companies in Sir Philip's Arcadia Group such as Topshop were at risk of similar collapse because its pension scheme was in 'heavy deficit'.
Robert Maxwell was born in Czechoslovakia and rose from poverty to build an extensive publishing empire. After spending six years as an MP during the 1960s, he bought Mirror Group Newspapers, among other publishing companies. Maxwell was forced to sell some of his successful businesses in 1989 to cover his enormous debts.


But it was only after his death two years later - after apparently falling overboard from his yacht - that the full picture of his financial mess was uncovered. But things became much worse when it emerged Maxwell had stolen hundreds of millions of pounds from his own companies' pension funds to save the firms from bankruptcy.
But what emerged from the evidence of the long, and ultimately unhappy, saga of BHS under Sir Philip Green’s stewardship was worse than I expected.
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