Knighthood axe

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The former HBOS chief executive James Crosby has been formally stripped of his knighthood.

A pupil at Lancaster Royal Grammar School, Mr Crosby, who lived in Halton, requested the removal of the title following a scathing parliamentary report into the bank’s collapse.

The official announcement that the honour had been withdrawn was reported in the London Gazette.

Mr Crosby asked to have the honour removed after the Parliamentary Commission on Banking Standards claimed he was the “architect of the strategy that set the course for disaster” in his handling of the bank.

The London Gazette, the official journal of record, said: “Letters Patent dated 11 June 2013 have passed the Great Seal of the Realm cancelling and annulling the Knighthood conferred upon James Robert Crosby on the 6 December 2006 as a Knight Bachelor.”

Following the commission’s report in April Mr Crosby announced he would give up 30 per cent of his £580,000-a-year pension and stood down from roles with catering firm Compass Group and private equity firm Bridgepoint.

He was given a knighthood after leaving HBOS in 2006.