Politics Live blog: David Cameron's speech on responsible capitalism.

(From Guardian Unlimited)

2.23pm:Here's a copy of Labour's 17-page "Who's he trying to kid?" document I mentioned earlier explaining why Labour thinks Cameron's responsible capitalism promises are bogus (pdf).

2.00pm: Here, a little later than usual, is a lunchtime summary.• David Cameron has signalled that the former RBS chief executive Sir Fred Goodwin could be stripped of his knighthood because of his role in presiding over the bank's collapse. In a Q&A with journalists after his speech on the economy, Cameron said that the matter would be considered by the forfeiture committee, which has removed honours from 34 people since 1995, and that the committee would take into account the recent report from the Financial Services Authority into the RBS disaster that criticised Goodwin personally. MPs from all parties have said Goodwin should lose his knighthood, although Labour's Tristram Hunt described the potential move as "somewhat gimmicky" on the World at One. (See 10.20am and 12.32pm.)

• Cameron has indicated that the government will try to stop Stephen Hester, the RBS chief executive, taking a GBP1m bonus. Asked about reports that the RBS board is planning to give Hester of bonus of up to GBP1.5m, Cameron said that cash bonuses at the bank would be limited to GBP2,000. But this ignored the fact that a GBP1m-plus bonus for Hester would not be paid in cash. Cameron said that in general terms he was opposed to bosses at the state-owned banks getting GBP1m bonuses, but he also said that the proper procedures would have to be followed and that the final decision about Hester's bonus had not been taken.

• Cameron has announced that the government will introduce a co-operatives bill to simplify the legislation affecting people setting up co-operatives. He was doing this, he said in his economy speech, because the government wanted to "help encourage different models of capitalism, ones where employees have a much more direct stake in the success of their company".

• Cameron has said that he wants to use "this crisis of capitalism" to "improve markets, not undermine them". In a speech on popular capitalism, he said he said that open markets and free enterprise were "the best imaginable force for improving human wealth and happiness". Much of what he said about the need for social responsibility, and the harm caused by excessive pay, echoed what Ed Miliband and Nick Clegg have been saying about the need to reform capitalism. But what distinguished this speech was Cameron's faith in transparency as a mechanism for curbing excessive pay and his sheer enthusiasm for open markets and free enterprise.

They are the engine of progress, generating the enterprise and innovation that lifts people out of poverty and gives people opportunity.

And I would go further: where they work properly, open markets and free enterprise can actually promote morality.

Why? Because they create a direct link between contribution and reward; between effort and outcome.

The fundamental basis of the market is the idea of something for something -- an idea we need to encourage, not condemn.

• News International has paid compensation to 19 victims of phone hacking. In legal terms, it's a mammoth capitulation. There are full details on our phone hacking live blog.

• Labour's Ken Livingstone has taken a narrow (51/49) lead over Boris Johnson in a poll of voting intentions for this year's London mayoral election .

• Andrew Lansley, the health secretary, has accused the Royal College of Nursing and the Royal College of Midwives of opposing the government's health bill because they are angry about the planned public sector pension cuts .

• Jack Dromey, the Labour MP, has been criticised by the Commons standards and privileges committee for failing to register almost GBP30,000 in payments from the Unite union. As the Press Association reports, the committee described the failure to declare the "significant payments and benefits" he received for his work for the union in the register of members' interests as "serious". In his entry in the register in June 2010, Dromey, who was Unite's deputy general secretary and who is married to Harriet Harman, Labour's deputy leader, said he was giving up the post and had declined his salary following his election as MP for Birmingham Erdington in the May general election. However the Parliamentary commissioner for standards John Lyon found he had continued to work 10 to 15 hours a week for the union until the end of October 2010, for which he received GBP28,000, which he failed to declare when he updated his entry in the register. "We consider Mr Dromey's failure to ensure that the register gave an accurate picture of his relationship with Unite is serious," the committee said. It said Dromey would apologise to the Commons.

• Police recorded crime figures have shown that robberies at knifepoint rose by 10% in the year to September . But overall recorded crime in England and Wales fell.

• Two Conservative MPs have told a Commons committee that the government's plans to allow for the recall of MPs who are found guilty of serious misconduct are flawed .

• David Willetts, the universities minister, has announced that universities will benefit from a VAT exemption if they share services . • Sir George Young, the leader of the Commons, has announced that the Queen will …