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A ra ther alarming fact about Britain is tucked away in our piece on tax, the very rich and the City of London: one third of all corporate tax is paid by the financial services sector. A successful financial sector is a boon—it generates nearly 1m jobs, many of them very well paid; it contributes a surplus of nearly £20bn to the trade balance as well as all that corporate tax, which helps build new schools and hospitals. Moreover, the financial heartland of the City of London helps make the capital the most international on the planet. But this growing…

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