Sir Fred Goodwin

It is a world recession.

Britain, economically, like the rest of the world, is not doing too well.

It has been revealed that Sir Fred Goodwin, the now retired Chief Executive of the Royal Bank of Scotland, has a pension of £650k per year. The RBS has revealed a £28billion loss. As per our British Blame culture, Goodwin seems to now be the poster boy for the economic crisis.

His rights to his pension has been challenged. Even Prime Minister Brown has stated he would like Goodwin to concede his pension.

Things have not been great in the UK. I do not believe it is one man's "fault". I would like to think if he were not entitled to his pension ("But he is only 50!!"), that he would not have been granted it.

Yes, it is a lot of money. I am a nurse, and earn a relatively small salary. Perhaps, morally, Goodwin may want to consider his position, as RBS' failure will now contribute to yet more debt that the public tax payer will pay for. Goodwin would have contributed to this, no doubt.

But (a big "But") again, if he is entitled to it, through contractual agreement, then I believe it should be left at that.

If I were to leave a job, and received a contractually agreed package, I would not simply or easily "give it up". Is this the way our country is going to go? It is a slippery slope. If enough people show dissatisfaction with someone's pension, for example, that pension may be taken off them? At the simple whim of public opinion. Most of the public who are demanding this doubtfully have a full understanding of the legal issues, and economic factors involved in this story.

What the next installment of this story will reveal will be fascinating. Goodwin's contract is being investigated with a fine tooth comb.

I think people's time would be better spent ensuring such failures are not similarly rewarded in future. There is no point in closing the stable door after the horse has bolted.