The vagabond was let loose outright! (7)

I believe the answer is:

wastrel

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'the vagabond' is the definition.
(thesaurus)

I can't explain the rest of the clue.

(Other definitions for wastrel that I've seen before include "Person who dissipates resources self-indulgently" , "Spendthrift" , "Ne'er-do-well" , "Worthless person" , "Profligate" .)

I've seen this clue in the Evening Standard.

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