Former Royal Bank of Scotland boss Fred Goodwin, the man who was at the helm of a banking disaster, has been stripped of his knighthood.

"Fred the Shred", as he was often referred to for his aggressive management style, took huge risks which pushed RBS to the brink of collapse and cost the taxpayer £45bn to rescue.

Lord Digby Jones, former trade minister, told the Today programme's Simon Jack that while he was "comfortable" with the end result, the manner in which it was done had a "whiff of lynch mob on the village green".

He said it calls into question whether people should get honours for just "doing their job".

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