Someone’s honour can be taken away if they are, for example, sentenced to prison for at least three months for a criminal offence, or censured or struck off by a professional or regulatory body for something directly relevant to their honour. Other reasons for ‘forfeiture’, as this is known, can also be considered.
Cases are considered by the Honours Forfeiture Committee. If the Committee recommends an honour is withdrawn, the decision is sent to the Queen by the Prime Minister. The Queen decides if the honour should be forfeited. I understand that it has been reported that Sir Philip Green’s knighthood is being ‘kept under review’.
While the House of Commons may express its opinion in this way, the question of whether an honour should be taken away is exclusively for the Honours Forfeiture Committee to consider.