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The UK has said it will scrap a cap on bankers’ bonuses that was inherited from the EU as part of its post-Brexit push to boost the City of London.

The move follows a consultation this year on whether to abolish a 2014 rule limiting bonuses to twice base pay for employees of banks, building societies and investment firms.

The UK’s top financial regulators argued against the ban when it was introduced, and since leaving the EU the government has claimed its removal will increase the post-Brexit competitiveness of the City by making London a more attractive place for banks to base their staff.