Britain strips former RBS chief Goodwin of knighthood

Britain took the rare step of stripping former Royal Bank of Scotland chief Fred Goodwin of his knighthood, after intense criticism of his role in RBS’s near-collapse during the 2008 credit crisis, and amid public anger towards wealthy bankers.

“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,” the government said in a statement.

“Fred Goodwin was the dominant decision-maker at RBS at the time,” it added, explaining a decision taken by a committee of civil servants. RBS owns Ulster Bank.