Cameron: No diamond pay-off

DAVID Cameron yesterday weighed into the debate over Bob Diamond’s bonuses, arguing that the former Barclays chief executive should not be paid a golden goodbye.

Speaking before the Commons, Cameron said it would be “inexplicable to the public” and “completely wrong” for Diamond to receive a pay-off after resigning from the bank, which was fined £290m last week for rigging interest rates.

But he refused to support Labour’s calls for a judge-led inquiry into City “culture and practices”.

Diamond could face having millions of pounds worth of unvested share awards annulled.

At the Treasury select committee meeting yesterday, Labour MP Andrew Love asked Diamond whether he agreed there should be recognition in his final pay off of “what went wrong”.

The ex Barclays boss said that was a question for the board, claiming, “I have not asked them nor has it been of interest to me.”

Labour MP John Mann said: “He should get no pay-off, in fact he should be repaying the bonuses that he and his bank fiddled.”