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Toast the almonds in a dry frying pan for 3-4 mins until starting to turn golden and smelling toasted. Shake the pan often to turn them. Tip out and leave to cool.
Drain the red peppers and tip into a food processor with the almonds, garlic, vinegar and smoked paprika, then blitz to a chunky paste.
With the motor still on, slowly drizzle in the olive oil to make a dip. A bit of texture works well for this rather than blending to a super smooth consistency. Season well, adding a little more vinegar, if you like.