Good news for post-Brexit competition today as the UK scraps the cap on bankers’ bonuses. The EU imposed the rule in 2014 in a half-brained attempt to reduce risk appetite among bankers. Looks like Truss was right after all… 

The cap will be lifted from 31 October and the first pay period to benefit will be 2024. European and UK banks have been using rule-based allowances to circumvent some of the negative effects of the policy, though bankers on the continent have been worried about us scrapping the cap for a while – one was quoted as saying the move “will make it even harder for us to compete in London and with US banks overall”. London’s on the way to becoming a lean, mean, post-Brexit machine…