Print | Email "Too easy" says Sir Philip

Retail tycoon blasts lenders

by: Ben Simons - Last updated: 2008-10-21

Retail billionaire Sir Philip Green owner of Top Shop and BHS

Retail billionaire Sir Philip Green owner of Top Shop and BHS

Retail billionaire Sir Philip Green has said "excess borrowing" is a major contribution to the current economic downturn facing the country.

Speaking to the BBC, Sir Philip who owns some of the most popular retailers in the high street including fashion chain Top Shop and department store BHS, attacked lenders over the way in which they have been doing business.

"At every level there has been excess borrowing," he said. "I have been pretty bearish for quite a while. It has concerned me - 100 per cent mortgages, 110 per cent mortgages, debt at the corporate level, it was too much, basically borrowing was too easy."

Sir Philip also called for a return to lenders meeting borrowers face to face.

""There needs to be an old fashioned customer relationship as opposed to people getting on the internet to get the mortgage," he said. "We need to know who is the customer."