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I still don't think that the likes of Pullman etc. deserve to be knighted. One of my favourite authors of all time is/was Terry Pratchett. He too was awarded a knighthood despite him remarking that he wrote books to entertain himself rather than others.
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Yet he had no qualms about putting them into print and making a fortune, so good luck to him(not that he’s had much lately with his cruel illness).
Furthermore, neither refused their awards as some do so they didn’t have a problem being honoured in such a manner.