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As the 2009-10 political season splutters into life there is no bigger question facing this country than the future shape of our most important industry: financial services. In this month’s interview with Britain’s top financial regulator Adair Turner, a respected group of experts talks about the swollen size and excessive profits of high finance using language that would, until recently, have been heard only on the wilder reaches of the left. Turner himself even backs a global Tobin tax on financial transactions, something normally sneered at in the Anglo-Saxon world. Yet the crisis—in Britain at least—has not benefited the left.…

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