Dominic Chappell, the former owner of BHS, tried to pay for a family holiday to the Bahamas on company expenses and took a £90,000 loan from the department store chain to pay a personal tax bill, according to evidence submitted to MPs, The Guardian reported. The allegations were made by Darren Topp, chief executive of BHS, in a submission to the parliamentary committee investigating the demise of the company, which accuses Chappell of treating the retailer’s money as if it was his own personal funds.

Dominic Chappell, the former owner of BHS, tried to pay for a family holiday to the Bahamas on company expenses and took a £90,000 loan from the department store chain to pay a personal tax bill, according to evidence submitted to MPs, The Guardian reported. The allegations were made by Darren Topp, chief executive of BHS, in a submission to the parliamentary committee investigating the demise of the company, which accuses Chappell of treating the retailer’s money as if it was his own personal funds.

As a deal to sell BHS was hammered out in 2015, lawyers for the buyer repeatedly reduced the amount of cash they wanted Sir Philip Green to inject into the ailing retailer’s underfunded pension scheme, documents reveal, the Financial Times reported. MPs are probing the funding arrangements of the BHS pension plan after the group’s collapse this year left about 20,000 scheme members facing cuts to their retirement income.

Moody’s Investors Service has changed the outlook on the UK’s credit rating to negative from stable following the EU referendum result, Bloomberg News reported. The agency said the result will herald “a prolonged period of uncertainty with negative implications for the country’s medium-term growth outlook”. “During the several years in which the UK will have to renegotiate its trade relations with the EU, Moody’s expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth,” the agency said.

Britain is a week away from its historic economic decision on EU membership. Economists have never been more united in supporting a vote to remain, yet the profession increasingly appears incapable of persuading the public of Britain’s national interest, the Financial Times reported. Economic history is clear. The UK’s growth of national income per head has been the fastest in the G7 since joining in 1973, having been the slowest between 1950 and 1973. EU membership has served Britain well and has not prevented domestic economic renewal.

Retail tycoon Philip Green admitted to British lawmakers on Wednesday he had erred in selling BHS to a former bankrupt and promised to help fix a gaping hole in the pension scheme of the collapsed department store chain he owned for 15 years, Reuters reported. The loss-making BHS fell into administration in April, little more than a year after Green sold it to Dominic Chappell's Retail Acquisitions Ltd for a nominal sum, resulting in the likely loss of 11,000 jobs as it is wound down. Chappell was a serial bankrupt with no retail experience.

A vote in favor of a British exit from the European Union could require the U.K. government to implement emergency tax increases and fresh cuts to public spending, Treasury chief George Osborne will say Wednesday, as polls show support for exiting the EU is gaining ground, The Wall Street Journal reported. In a speech in southern England, Mr.

Retail tycoon Philip Green faces tough questions on Wednesday from British lawmakers when they hope to get to the bottom of why he sold department store chain BHS to Dominic Chappell, a serial bankrupt with no retail experience, Reuters reported. After more than a month of hearings into the demise of BHS, which put 11,000 jobs at risk and left a gaping pensions' deficit, the star witness is finally due to appear before a joint session of parliament's Business, and Work and Pensions select committees.

British retail tycoon Philip Green has called for the resignation of the chair of a lawmakers' committee probing the collapse of the BHS department store chain he used to own, accusing him of seeking to destroy the billionaire's reputation, Reuters reported. In March last year, TopShop-owner Green sold BHS to an investor group led by Dominic Chappell, a former bankrupt with no retail experience, for one pound. The 88-year-old business went into administration in April and is being wound down after administrators failed to find a buyer, threatening 11,000 jobs.

If the U.K. votes to leave the European Union, it is now clear it will be largely because a majority of Britons are no longer wiling to accept the right of EU citizens to live and work in the U.K., The Wall Street Journal reported in a commentary. The campaign was electrified by data published last month that showed a net 333,000 immigrants came to the U.K. in 2015—184,000 of them from the EU.