Perhaps surprisingly, one clue may lie in the popularity gap between the queen and bankers such as Mr Hester.

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An upcoming, internal report by the Republican National Committee is expected to point to the wide popularity gap between Democrats and Republicans with women, minorities and young voters three critical voting blocs that helped President Barack Obama win re-election.

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Moreover, the index of his popularity (ie, the gap between approval and disapproval) has fallen from 57% to 24%, a lower level than it reached in the crisis of 2008-09.

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