Former News of The World editor Andy Coulson has been released on police bail follwing his arrest by police investigating phone hacking at the paper.As he left the police station where he was questioned, he said there was a lot he would like to say but could not.PM David Cameron earlier defended his decision to employ Mr Coulson as his communications chief and announced two inquiries into the scandal.Mr Coulson has denied any knowledge of phone hacking while he was NoW editor.