Theresa May wants to reform capitalism and stamp out irresponsible corporate behaviour after the scandal over Sir Philip Green’s stewardship of the failed department chain BHS, Downing Street has said.

The prime minister’s spokeswoman said on Monday the government planned to take action, after a damning report by MPs into the collapse of BHS said the retailer had fallen prey to the “unacceptable face of capitalism”.

Asked what May would do to curb corporate greed, she said: “The prime minister has already set out that we need to tackle corporate irresponsibility, reform capitalism so that it works for everyone not just the privileged few. That means in the long run doing more to prevent irresponsible and reckless behaviour and look carefully at the policies linked to that and work at the best way forward.”