Fault code P0420 -Powertrain

Afternoon all. I have just run the obd2 reader. Nice n easy and the reason the EML is on is fault code P0420 - Powertrain. Catalyst system efficiency below threshold (Bank 1).



Is this serious/easy/quick/cheap/urgent to fix? Can i wipe the code and see if it returns? Will it be effecting performance? Can I drive it in the meantime?



Thanks in advance

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