PM To 'Reform Capitalism' After BHS Scandal

Theresa May intends to "reform capitalism so that it works for everyone" as part of her plans "to prevent irresponsible and reckless behaviour" by corporations.

The comments from the Prime Minister's official spokeswoman follow a damning report into the collapse of BHS and the role of former boss Sir Philip Green.

Downing Street said Mrs May found it "clearly concerning" and she will "learn lessons for the future" from the parliamentary inquiry which branded Sir Philip the "unacceptable face of capitalism".

:: 'Retail King' Philip Green Blamed For BHS Collapse

There are growing calls for Sir Philip to be stripped of his knighthood as he comes under pressure to rectify the black hole in the BHS pension fund after the excoriating joint report into the collapse of the high street chain by two Commons select committees.

Mrs May's spokeswoman said the independent Honours Forfeiture Committee should be left to make a decision on his knighthood but reiterated the PM's desire to tackle corporate irresponsibility.

"The Prime Minister has already set out that we need to tackle corporate irresponsibility, reforming capitalism so that it works for everyone, not just the privileged few, that that means in the long run doing more to prevent irresponsible and reckless behaviour," she said.

"Of course it's right now that we look carefully at the policies linked to that and work out the best way forward."

Mrs May has spoken about reforming capitalism in the past, most notably following the Conservative's election victory last year.

She (Munich: SOQ.MU - news) said: "We need to offer them security, not just from crime and foreign threats, but from everyday risks like falling ill, or losing your job.

"We need to promise them freedom, not just from the state but from vested interests like unions, big bureaucracy and, yes, big business.

"And we need to give them opportunity, by reforming capitalism and making sure our economy works for all of us."

The Prime Minister's spokeswoman wouldn't however be drawn on the specifics of how capitalism would be reformed, although it is likely to form the centrepiece of Mrs May's administration.