Parliament should have the power to strip knighthoods from Tory “cronies” like Sir Philip Green, shadow chancellor John McDonnell said yesterday.

Sir Green is set to be hauled in front of MPs to answer questions over his part in the demise of high street giant BHS, which employs 11,000 workers and was put into administration last week.

The company has a whopping £571 million deficit in the pension fund — but the tycoon took £586m in dividends from the business over 15 years before selling it last March for £1.