MP backs calls for disgraced banker to be stripped of knighthood

9.25.25am GMT Mon 23rd Mar 2009

Withington MP John Leech has backed calls in Parliament for the knighthood of disgraced former RBS boss Sir Fred Goodwin to be revoked.

Sir Fred, who oversaw the bank's collapse and subsequent government bailout left the bank last year having secured himself a £16m pension pot. He has so far resisted calls to forfeit his knighthood, which he received in 2004 for services to banking.

Mr Leech has now joined over 50 parliamentarians in supporting a motion that would see Sir Fred's knighthood revoked.

John Leech said:

"This is the man who oversaw the collapse of one of the country's biggest banks at a cost of millions to the taxpayer, yet he has the audacity to not only swan off into the sunset with a pension of more than £700,000 a year, but also to keep hold of his knighthood, which he was clearly erroneously award for services to banking."

"If 'Fred the Shred' doesn't have the decency to hand back his knighthood, it should be stripped from him. This government set up the system that allowed him to drive RBS into the ground and rewarded him for it; they should now at least be able to swallow their pride and take his knighthood from him"

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Notes to editors:

John Leech has joined 57 other MPs in signed Early Day Motion 1068 'Sir Fred Goodwin's Knighthood':

"That this House expresses its indignation at the continued refusal of Sir Fred Goodwin to reduce his pension; believes that in order to preserve the integrity of the honours system his knighthood should be forfeited; and accordingly calls for an early meeting of the Forfeiture Committee to consider his case."