The crisis in the world economy has provided another demonstration of the absurdity of Britain’s official class system.
Two “knights” and one “lord” have lost their high-powered jobs as a result of the state rescue of British banks. Both Fred Goodwin and Tom McKillop, chief executive and chairman of RBS, have left the bank. Denis Stevenson, HBOS chairman, is another victim.
These bankers have had to accept that in the real world they are no longer so highly regarded. But in the fairy tale world of Britain’s feudal system nothing has changed. All will keep their feudal titles. Mr. Stevenson will even keep his seat in the legislature and there is no way for the people of Britain to take it from him.