BHS

Mark Field Excerpts

Monday 25th April 2016 Commons Chamber

[Anna Soubry]

My concern is for the workers of BHS and the creditors, notably the small businesses. I find it most peculiar, though perhaps not unexpected, that the hon. Lady should turn this into some party political game. This is way above all that. I have said that the Pensions Regulator is looking at the various matters, and the Insolvency Service, which will oversee the administration, will take very seriously any allegations of any misconduct by any of the directors of the business. Any impropriety is taken very seriously not only by this Government but by all the regulatory bodies that oversee these things.

I could say that it is, perhaps, unfortunate that Labour decided to vote against our very moderate but important proposals on Sunday trading, when there was clear evidence that that would have helped the retail sector. If the Opposition had not done that, they might have a little more credibility when they comment on the unfortunate situation of BHS. This is not a political football to be kicked around by the Opposition.

[Mark Field (Cities of London and Westminster) (Con)]

I agree with the Minister that the predicament of BHS should not be a party political football. The Pension Protection Fund is not designed to be used as some sort of convenient bargaining chip in financial negotiations over the sale of troubled businesses. Instead, it should be used in rare circumstances for Governments and others to intervene to protect the contributions to company pensions where there has been a sudden collapse in a company. Therefore I agree with some of the concerns expressed from the Opposition Front Bench and hope that the Department will undertake an urgent inquiry into the conduct of the erstwhile and current owners of BHS. It seems appalling that the Pension Protection Fund is being abused in this way, and I suspect that BHS is not the only company in this position.

[Anna Soubry]

I thank my right hon. Friend for his wise comments. As ever, he provides a good, sensible insight into the situation. I agree with him: we must be sure that the PPF scheme is in no way abused by anybody. I welcome his comments and he can be assured that this team of Ministers takes these matters very seriously and will keep a keen eye on developments.