Sir Philip Green branded a 'billionaire spiv' as MPs debate stripping him of Knighthood

Philip Green (Getty)

A Labour MP has accused Sir Philip Green of being a “billionaire spiv” who has shamed British capitalism.

The blistering attack came in a debate in the House of Commons, at the end of which MPs will vote on whether ex-BHS owner Sir Philip should be stripped of his Knighthood or not.

Labour MP David Winnick told colleagues: “I see Green as a billionaire spiv, a billionaire spiv who should never have received a knighthood, a billionaire spiv which has shamed British capitalism, and the least we can do today is to make our views clear and strong."

After using the word, which means a person who makes a living by disreputable dealing, Mr Winnick questioned how Sir Philip was deemed worthy of a Knighthood in the first place, highlighting how the tycoon had put the business in the name of his wife, who lives in Monaco.

He went on: "That means the amount of tax which paid on the vast business empire that Philip Green is closely involved in, which in common-sense terms means he owns those businesses, the amount of tax is minimal.

"I find it difficult to understand how a person whose tax arrangements are well-known, quite well-publicised, no secrets at all, should receive a knighthood in the first place.

“It's a damning indictment, in my view, of what occurred."

A vote to strip Sir Philip of his Knighthood this afternoon will not necessarily mean it happens, as a formal complaint must first be made followed by an official process.

BHS went into administration shortly after being sold for £1 by Sir Philip, with a £571 million pension scheme deficit.

The businessman used an ITV News interview to apologise to workers for the "hardship and sadness" caused by the collapse of BHS and claim he "did everything possible" to keep the business from going under.