City regulators plan to scrap post-crash checks on 139,000 bank staff in a £2bn boost for bankers

Prudential Regulation Authority chief Katharine Braddick, a former Barclays executive, unveiled the plans with Financial Conduct Authority boss Nikhil Rathi at a Mansion House dinner. Pre-approval requirements will be kept only for the most senior positions — chief executives, finance directors and chairmen. The certification regime began a decade ago 'to instil a culture of accountability'. Some changes will need legislation.

Labour has pushed the City watchdogs to make growth their top priority.

Braddick says the shake-up will 'reduce the administrative burden' but keep individuals accountable.

Banks still face a £2bn Budget tax raid to pay for cost-of-living support.