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What was the main cause of the financial crisis, and what should be done about it? Some blame irresponsible lending and trading at the banks; they say the major banks should be broken up to separate wholesale market risk-taking from retail market service-provision. Others blame the regulators; they say the regulatory system should be reformed to become tougher and more proactive.

George Osborne has chosen to hedge his bets, taking on both the banks and the regulators. In his Mansion…

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