Fred Goodwin stripped of knighthood

The former head of RBS has been stripped of his title.

Sir Fred Goodwin, former head of the Royal Bank of Scotland and national hate figure, is to be stripped of his knighthood.

Following advice from a panel of civil servants, the Queen has cancelled and annulled his title, which was awarded to him by the Labour government in 2004 for "services to banking".

Goodwin has been blamed for the collapse of RBS, where he was chief executive from 2001 to 2008. He pursued aggressive strategies in corporate lending and investment banking, and his high-risk acquisition of Dutch rival ABN Amro in 2007 -- at the height of the crisis -- meant that RBS had to be bailed out with £45bn of taxpayer money.

He certainly did himself no favours, refusing to apologise or to return any of his £16.9m pension. (After months of pressure from the public and politicians, he eventually agreed to give up a third of it).

Generally, people are only stripped of honours if they have committed a serious crime or been struck off by their professional register. This could be seen as vindication for those -- such as the makers of Inside Job -- who are incredulous that not a single banker has faced criminal charges for their role in the crash.

It would certainly be hard to argue that Goodwin deserves to keep his knighthood -- his actions led to thousands of job losses at RBS, and he played a part in bringing the economy to its knees. But for all the satisfaction of this moment, it is worth remembering that Goodwin did not act in isolation. Indeed, as my colleague Mehdi Hasan pointed out this month, Jon Varley of Barclays was engaged in a bidding war with Goodwin for ABN Amro - had he been successful, rather than Goodwin, we might have had ended up with a very different hate figure. Nor is "Fred the Shred" the only banker to have been given an honour by the last government.

Coming in the same week as Stephen Hester, Goodwin's successor, was forced to refuse his bonus package, this would seem to indicate that the tides are turning against the bankers. But, as I argued last week, this type of gesture politics does nothing to tackle the underlying structural problems which allow sky-high remuneration in the financial sector to continue unabated.

Samira Shackle is a freelance journalist, who tweets @samirashackle. She was formerly a staff writer for the New Statesman.

Getty
Show Hide image

Harriet Harman warns that the Brexit debate has been dominated by men

The former deputy leader hit out at the marginalisation of women's voices in the EU referendum campaign.

The EU referendum campaign has been dominated by men, Labour’s former deputy leader Harriet Harman warns today. The veteran MP, who was acting Labour leader between May and September last year, said that the absence of female voices in the debate has meant that arguments about the ramifications of Brexit for British women have not been heard.

Harman has written to Sharon White, the Chief of Executive of Ofcom, expressing her “serious concern that the referendum campaign has to date been dominated by men.” She says: “Half the population of this country are women and our membership of the EU is important to women’s lives. Yet men are – as usual – pushing women out.”

Research by Labour has revealed that since the start of this year, just 10 women politicians have appeared on the BBC’s Today programme to discuss the referendum, compared to 48 men. On BBC Breakfast over the same time period, there have been 12 male politicians interviewed on the subject compared to only 2 women. On ITV’s Good Morning Britain, 18 men and 6 women have talked about the referendum.

In her letter, Harman says that the dearth of women “fails to reflect the breadth of voices involved with the campaign and as a consequence, a narrow range [of] issues ends up being discussed, leaving many women feeling shut out of the national debate.”

Harman calls on Ofcom “to do what it can amongst broadcasters to help ensure women are properly represented on broadcast media and that serious issues affecting female voters are given adequate media coverage.” 

She says: "women are being excluded and the debate narrowed.  The broadcasters have to keep a balance between those who want remain and those who want to leave. They should have a balance between men and women." 

A report published by Loughborough University yesterday found that women have been “significantly marginalised” in reporting of the referendum, with just 16 per cent of TV appearances on the subject being by women. Additionally, none of the ten individuals who have received the most press coverage on the topic is a woman.

Harman's intervention comes amidst increasing concerns that many if not all of the new “metro mayors” elected from next year will be men. Despite Greater Manchester having an equal number of male and female Labour MPs, the current candidates for the Labour nomination for the new Manchester mayoralty are all men. Luciana Berger, the Shadow Minister for mental health, is reportedly considering running to be Labour’s candidate for mayor of the Liverpool city region, but will face strong competition from incumbent mayor Joe Anderson and fellow MP Steve Rotheram.

Last week, Harriet Harman tweeted her hope that some of the new mayors would be women.  

Henry Zeffman writes about politics and is the winner of the Anthony Howard Award 2015.