Osborne welcomes Hester bonus rejection

The Chancellor has welcomed the decision by the chief executive of the Royal Bank of Scotland, Stephen Hester, to turn down his bonus which was worth nearly £1m.

George Osborne described the move as "sensible and welcome" and said it would allow Stephen Hester to focus on getting back the billions of pounds of taxpayers' money put into the bank.

The Labour leader Ed Miliband, in his reaction to the news, called for "responsibility in the boardroom".

Hugh Pym reports.

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