Only twice has the BBC not broadcast Prime Minister’s Question Time live. The second occasion was a couple of months ago when they stayed instead with our select committee questioning of the buyer of BHS (for £1), Dominic Chappell. Sir Philip Green’s appearance also created media interest: from telling one MP not to stare at him to telling me that I look better with my glasses on. (I am still getting used to them but am increasingly taking his advice!)
However the “theatre” of the select committee hearings was just that – what we were interested in was analysing the answers given to forensic questions. The result was a 110 page committee report which we published this week. I have heard it described as “excoriating”. All we have done is set out the facts.
The Report’s will not, I am afraid, have any impact on retaining the jobs of the thousands, including many in Horsham, who are losing their jobs as a result of the demise of BHS. We may, however, I hope, help focus minds on getting funds to assist BHS pensioners who otherwise face losing part of the pension that they have earned and upon which they relied.
There are also longer term issues to confront. These include the corporate governance of our largest private companies and the powers of the Pensions Regulator. Failures of this scale are rare but we need to do all we can to ensure that while successfully and rightly generating growth, jobs and dividends boards don’t forget that their responsibilities are wide ranging.
On a separate note I was dismayed to hear that the new Fair Funding Formula has been delayed by a year. I appreciate that the new formula is likely to last for decades and it is important to get it right. However we had expected implementation from 2017. I immediately asked the new Secretary of State in the Commons to provide “transitional funding” to help West Sussex schools. She has said that she will take a “sensible approach”. I have written to Justine Greening asking for a meeting on this as soon as possible.