The controversial European law limiting bonus payments for bankers in the EU could be “one of the first things” on the scrap heap if the UK votes for a Brexit, according to City lawyers – but its removal would take years to negotiate.

The UK votes today on whether to remain a member of the European Union and Stefan Martin, a partner at law firm Hogan Lovells, said "The bonus cap…only applies because we are part of the EU. In theory, if we exit, that is something that [the UK] could repeal."