1 February 2012
Last updated at 00:36 ET
Mr Goodwin was in charge of RBS in the run-up to its near collapse in 2008
Figures from the business world have hit out at a decision to strip former Royal Bank of Scotland boss Fred Goodwin of his knighthood.
He had been criticised over the bank’s near-collapse in 2008, which prompted a taxpayer bailout. Political pressure to remove the honour had mounted recently.
Party leaders, led by Prime Minister David Cameron, welcomed Tuesday’s move.
But the Institute of Directors (IoD) warned of politicians creating “anti-business hysteria” over the matter.
IoD director general Simon Walker told the BBC he did not approve of the decision, given Mr Goodwin had not been convicted of crime.
“To do it because… you don’t approve of someone, you think they have done things that are wrong but actually there is no criminality… is inappropriate and politicises the whole honours system,” he said.
In the past, only convicted criminals or people struck off professional bodies have had knighthoods taken away.
Former Labour Trade Minister and ex-Confederation of British Industry
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