Ed on Fred the Shred

Reacting to the news that Fred Goodwin is to lose his knighthood, Ed Miliband said:

“It is right Fred Goodwin has lost his knighthood but it is only the start of the change we need to see.

“We need to change the bonus culture and we need to change the rules so we see real responsibility across the board.

“As I said in my conference speech we should not have given Fred Goodwin a knighthood but this should not be about individuals, it is about taking the right steps now to create a more responsible capitalism.”