For most people in the UK, the removal of the EU cap on banking bonuses is a signal that bankers' pay is being unleashed to levels last seen over a decade ago. "It feeds into a clear them-and-us narrative," says Larry Elliott in the Guardian. "Bankers will be whooping it up in the champagne bars of Canary Wharf."
Actually, it's far more nuanced. For a generation of senior bankers who've got used to collecting the enormous salaries associated with the bonus cap, its demise will mark the end of an era.