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Lord Turner: Free market belief was 'religious'

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After the financial turmoil of the past 18 months there are some signs that economies around the world are returning to growth.

One of the current debates that has emerged from the financial crisis is whether there should be a tax on financial transactions - a so-called Tobin Tax - named after the American economist, James Tobin.

Shirley Williams, who is in favour of such a tax, spoke to FSA chairman Lord Turner. She asked him why he thinks some countries, such as Germany and France, are supportive of a transaction tax while in others, including the the UK and the US are opposed to it.

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