Mike has welcomed the news that Fred Goodwin has been stripped of his knighthood.
Mike recently signed Early Day Motion (EDM) 2624 which called for Fred Goodwin to have his title removed. Fred Goodwin was knighted in 2004 for services to banking. However, following the Forfeiture Committee’s review of Mr Goodwin’s case, the decision was made to strip Mr Goodwin of his knighthood. The RBS Group was bailed out in 2008 at a cost of £45.5 billion to the taxpayer and now has an 83% stake in the company.
Commenting, Mike said: “I was pleased to learn that the forfeiture committee has made the right decision by stripping Fred Goodwin of his knighthood. It went against all logic that Fred Goodwin continued to have a knighthood for services to banking when he presided over banks at the centre of the worst financial crisis since the Great Depression. Taxpayers were right to be angry that its former Chief Executive continued to be honoured for his role leading the company.”