Bankers’ bonuses are roaring back. Will we live to regret it?

US banks are moving to take advantage of the post-Brexit decision to scrap EU rules limiting bankers’ bonuses to twice their basic salary, writes James Moore. With their UK peers set to follow suit, how worried should we be?

The City’s towers of finance where bonus culture looks set to make a comeback (PA)

The bonus boys and girls look set to make a comeback in the City of London.

Morgan Stanley has become the latest US bank operating in the capital’s financial sector to take advantage of the UK’s post-Brexit scrapping of the bankers’ bonus cap – one of the few things to survive the disastrous premiership of Liz Truss.

Brought in by the EU after the financial crisis in 2008, the cap limited bonus payouts to no more than a banker’s basic salary, twice that with shareholder approval.