Without an O2 sensor, or with an O2 sensor in front of the catalyst, it is very well possible to remove the cat without problems.
Drivability will improve, sound level will change a bit.
With a hot engine, running on premium fuel, MOT shouldn´t be problem as well.
Over the years, I have decatted many petrol and diesel cars without any problems so far.
I even have removed the two catalysts on my current 2004 Alfa GT jtd....
Benefits from removing a catalyst are better performance, and because a replacement pipe is much less expensive, you save lot´s of money compare to a new catalyst.
A bit more pollution is another story....!!