Decode HTML entities in Python string?

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I’m parsing some HTML with Beautiful Soup 3, but it contains HTML entities which Beautiful Soup 3 doesn’t automatically decode for me:

>>> from BeautifulSoup import BeautifulSoup

>>> soup = BeautifulSoup("<p>&pound;682m</p>")
>>> text = soup.find("p").string

>>> print text
&pound;682m

How can I decode the HTML entities in text to get "£682m" instead of "&pound;682m".

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