The Chancellor of the Exchequer George Osborne has described Bob Diamond's resignation as a first step towards a change of culture and a new age of responsibility in banking.

Mr Diamond had "done the right thing for the bank", he told the Today programme's John Humphrys.

Barclays Chairman Marcus Agius told Mr Osborne that Mr Diamond would step down last night. The Chancellor said, repeatedly, that it was not his decision to hire or fire Barclays executives, that was for the bank's board.

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