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| Former RBS boss Fred Goodwin stripped of knighthood | Former RBS boss Fred Goodwin stripped of knighthood |
| (40 minutes later) | |
| Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed. | Former Royal Bank of Scotland boss Fred Goodwin has had his knighthood removed. |
| Mr Goodwin, who was heavily criticised over his role in the bank's near-collapse in 2008, was given the honour by the Labour government in 2004. | Mr Goodwin, who was heavily criticised over his role in the bank's near-collapse in 2008, was given the honour by the Labour government in 2004. |
| The Queen cancelled and annulled the title following Whitehall advice. | The Queen cancelled and annulled the title following Whitehall advice. |
| Party leaders, led by Prime Minister David Cameron, welcomed the decision. In the past, only convicted criminals or people struck off professional bodies have had knighthoods taken away. | |
| Mr Goodwin oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to RBS having to be bailed out to the tune of £45bn by taxpayers. | Mr Goodwin oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to RBS having to be bailed out to the tune of £45bn by taxpayers. |
| There had been a growing clamour for Mr Goodwin to be stripped of his honour following thousands of job losses at RBS and in the banking industry since then, and the impact on the wider economy. | There had been a growing clamour for Mr Goodwin to be stripped of his honour following thousands of job losses at RBS and in the banking industry since then, and the impact on the wider economy. |
| 'Exceptional case' | 'Exceptional case' |
| Sir Fred Goodwin is now just Fred Goodwin. | Sir Fred Goodwin is now just Fred Goodwin. |
| There may well be plaudits for a decision to remove the knighthood from Mr Goodwin, a man many see as the symbol of the financial crisis. | There may well be plaudits for a decision to remove the knighthood from Mr Goodwin, a man many see as the symbol of the financial crisis. |
| But this could be tricky - there's a sense that other people with knighthoods could run into difficulty. | But this could be tricky - there's a sense that other people with knighthoods could run into difficulty. |
| Plenty may be wondering whether the committee will now start working through every banker with a knighthood who has since faced criticism for decisions they took in the past. | Plenty may be wondering whether the committee will now start working through every banker with a knighthood who has since faced criticism for decisions they took in the past. |
| After the removal of the knighthood, a Cabinet Office spokesman said: "The scale and severity of the impact of his actions as CEO of RBS made this an exceptional case." | |
| He added: "Both the Financial Services Authority and the Treasury Select Committee have investigated the reasons for this failure and its consequences. | He added: "Both the Financial Services Authority and the Treasury Select Committee have investigated the reasons for this failure and its consequences. |
| "They are clear that the failure of RBS played an important role in the financial crisis of 2008/9 which, together with other macroeconomic factors, triggered the worst recession in the UK since the Second World War and imposed significant direct costs on British taxpayers and businesses. | "They are clear that the failure of RBS played an important role in the financial crisis of 2008/9 which, together with other macroeconomic factors, triggered the worst recession in the UK since the Second World War and imposed significant direct costs on British taxpayers and businesses. |
| "Fred Goodwin was the dominant decision-maker at RBS at the time. In reaching this decision, it was recognised that widespread concern about Fred Goodwin's decisions meant that the retention of a knighthood for 'services to banking' could not be sustained." | "Fred Goodwin was the dominant decision-maker at RBS at the time. In reaching this decision, it was recognised that widespread concern about Fred Goodwin's decisions meant that the retention of a knighthood for 'services to banking' could not be sustained." |
| 'Proper process' | |
| The BBC's business editor Robert Peston said Mr Goodwin was in a "class of his own" in terms of the risks that he took at RBS - reflected in the size of the bailout required to rescue the company. | The BBC's business editor Robert Peston said Mr Goodwin was in a "class of his own" in terms of the risks that he took at RBS - reflected in the size of the bailout required to rescue the company. |
| In 2009, Mr Goodwin, who received an annual pension of £650,000 - later reduced to £342,500 - after leaving the bank, told a committee of MPs he "could not be more sorry" for what had happened. | In 2009, Mr Goodwin, who received an annual pension of £650,000 - later reduced to £342,500 - after leaving the bank, told a committee of MPs he "could not be more sorry" for what had happened. |
| Both Mr Cameron and Labour leader Ed Miliband welcomed the decision. | Both Mr Cameron and Labour leader Ed Miliband welcomed the decision. |
| "The FSA report into what went wrong at RBS made clear where the failures lay and who was responsible," Mr Cameron said. "The proper process has been followed and I think we have ended up with the right decision." | "The FSA report into what went wrong at RBS made clear where the failures lay and who was responsible," Mr Cameron said. "The proper process has been followed and I think we have ended up with the right decision." |
| And Mr Miliband said the public wanted to see further sweeping changes to boardroom culture and remuneration. | And Mr Miliband said the public wanted to see further sweeping changes to boardroom culture and remuneration. |
| "It is right that Fred Goodwin lost his knighthood but I think it is only the start of the change we need in our boardrooms. | "It is right that Fred Goodwin lost his knighthood but I think it is only the start of the change we need in our boardrooms. |
| "We need to change the bonus culture and we need real responsibility right across the board." | "We need to change the bonus culture and we need real responsibility right across the board." |
| 'Public opprobrium' | 'Public opprobrium' |
| Deputy Prime Minister and Lib Dem leader Nick Clegg said Tuesday's announcement was the "right decision" while Chancellor George Osborne described the decision as "appropriate". | |
| "RBS came to symbolise everything that went wrong in the British economy in the last decade," he said. | "RBS came to symbolise everything that went wrong in the British economy in the last decade," he said. |
| Scottish First Minister Alex Salmond said it was the "correct decision", since the knighthood "was for services to banking which could not therefore be sustained". | |
| The Unite union also welcomed the move, with senior official David Fleming saying it was "a token gesture... but one which will be well received by the thousands of workers who lost their jobs during his rule". | The Unite union also welcomed the move, with senior official David Fleming saying it was "a token gesture... but one which will be well received by the thousands of workers who lost their jobs during his rule". |
| And Conservative MP David Ruffley, a member of the House of Commons Treasury Select Committee, said Mr Goodwin had acted "recklessly" and the public wanted him to be "held to account". | And Conservative MP David Ruffley, a member of the House of Commons Treasury Select Committee, said Mr Goodwin had acted "recklessly" and the public wanted him to be "held to account". |
| "Bizarrely there's been no criminal charges against the man, so he's not going to be in front of a jury," he told Sky News. | "Bizarrely there's been no criminal charges against the man, so he's not going to be in front of a jury," he told Sky News. |
| "And there was a sense that this guy had got away scot-free and the only thing left really to show the public opprobrium was for the knighthood to be stripped." | "And there was a sense that this guy had got away scot-free and the only thing left really to show the public opprobrium was for the knighthood to be stripped." |
| The forfeiture committee - whose members include the cabinet secretary, the top civil servant at the Home Office, the top lawyer at the Treasury and the top official in the Scottish government - made the decision to recommend he lose the honour. | The forfeiture committee - whose members include the cabinet secretary, the top civil servant at the Home Office, the top lawyer at the Treasury and the top official in the Scottish government - made the decision to recommend he lose the honour. |
| The Queen has the sole authority to rescind a knighthood, after taking advice from the government. |