It comes after he was named in the British parliament today in relation to a newspaper story and legal case

British retail billionaire Philip Green has said he denies any allegations of "unlawful sexual or racist behaviour".

It comes after he was named in the House of Lords as the businessman behind an injunction preventing a newspaper from reporting the claims.

This week, The Telegraph reported that it had spent eight months investigating allegations of "bullying, intimidation and sexual harassment" against an unnamed businessman.

However, following a court ruling, the paper was not allowed reveal the businessman's identity or to identify the companies, as well as what he is accused of doing or how much he paid in any settlements.

Peter Hain today used parliament's free speech protection rule to claim Mr Green is the man involved.

In a short statement, he told fellow members of the House of Lords: "Someone intimately involved in the case of a powerful businessman using non-disclosure agreements and substantial payments to conceal the truth about serious and repeated sexual harassment, racist abuse and bullying which is compulsively continuing, I feel it’s my duty under parliamentary privilege to name Philip Green as the individual in question given that the media have been subject to an injunction preventing publication of the full details of this story which is clearly in the public interest."

Mr Green is the 66-year-old chairman of Arcadia Group, which includes brands such as Topshop, Topman, Wallis, Miss Selfridge and Dorothy Perkins.

Philip Green released his own statement this evening, in which he said he would not be commenting on anything that happened in parliament or court.

He said: "To the extent that it is suggested that I have been guilty of unlawful sexual or racist behaviour, I categorically and wholly deny these allegations.  

"Arcadia and I take accusations and grievances from employees very seriously and in the event that one is raised, it is thoroughly investigated."   

He said that Arcadia sometimes receives formal complaints from employees like any large businesses, and there have been some settlements 'with the agreement of all parties and their legal advisers'.

He added: "These settlements are confidential so I cannot comment further on them."