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Sir Jackie Stewart: Goodwin has not committed crime

31 January 2012 Last updated at 20:37 GMT

Ex-Royal Bank of Scotland chief executive Fred Goodwin, heavily criticised over the bank's near collapse, has lost his knighthood.

Former Formula One racing champion, Sir Jackie Stewart, who is a friend of Mr Goodwin, said the removal of the knighthood has set a "very dangerous precedent."

He added: "Fred Goodwin hasn't committed a crime of any kind".