In article , Mike Harrison writes
It's an automatic air vent which has a float and valve assembly inside. The valve commonly fails over time making it leak. The cap can be screwed down to remove that risk, but if you get air into your system is may collect in the boiler and risk damage. As a short term measure you can screw down a new cap, but I'd replace it when you get a free moment (before winter). They're under a fiver from a plumbers' merchant.
BTW, I know your pic was small, but this is meant to be a no binaries group, the proper way to show one is to upload it to a free pic site & post a link. Thin end of the wedge, blah, blah, yawn.
HTH