Fred Goodwin right to lose Knighthood

I co-sponsered and was one of only 20 MP's to sign the Early Day Motion below (EDM 2624) calling for Fred Goonwin to be stripped of his knighthood, so I strongly support the decision made today.

Nothing highlights the difference between Labour in power and opposition as the Fred Goodwin story.

Labour in power knighted him, for services to Banking. They allowed a massive bonus culture to emerge. They allowed Mr Goodwin to leave with a huge pension. Even today, former Labour Chancellor Alistar Darling called the removal of the knighthood "tawdry".

Contrast this with Labour in opposition.  Ed Milliband (who was working for Gordon Brown when the original knighthood was given), has rightly been calling for the knighthood to be removed.

My view is that Alistar Darling is wrong. It is clear that Fred Goodwin's actions did a "dis-service to Banking" and the UK economy.

What was tawdry was the fact that Gordon Brown and his advisor Ed Balls led the "prawn cocktail" offensive to tell the City they had nothing to fear from Labour in the early 1990's, and that for 13 years in power they delivered on that promise and failed to do anything to regulate properly the city, even when Ed Balls was City Minister.

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