My engine management light has come after i scrapped my cat the other day.

I have had the car checked on diagnostics and its telling me the oxygen sensor is at fault or the cat knacked so because i have give the cat a knock i would of said it more like to be that... agree
Well i have priced a new cat up and nearly fell through the floor

£300 so im thinking of a decat pipe. My question is will the car still go through an mot without the cat being fitted?