Let go of peach or biscuit or banger (11)

I believe the answer is:

firecracker

'banger' is the definition.
(I know that banger can be written as firecracker)

'let go of peach or biscuit' is the wordplay.
'let go of' becomes 'fire' (let go from a job).
'peach or biscuit' becomes 'cracker' (a biscuit or a peach ie a good thing).
'fire'+'cracker'='FIRECRACKER'

'or' acts as a link.

(Another definition for firecracker that I've seen is " banger".)

I've seen this clue in The Times.

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