A CAMPAIGN by the Horsham group of World Development Movement for tighter European regulation of food markets is being backed by an MEP for the South East.
Peter Skinner met members of the Horsham group and heard their message that big investment banks were betting on the price of staple foods like wheat, maize and soya in unregulated financial markets, causing food prices to rise and making people go hungry.
As a member of the EU Economic and Monetary Affairs Committee, the Labour MEP will be pushing for new financial reforms to include strict limits on the amounts bankers can invest and greater transparency.
Mr Skinner said: “Food is one of the few absolute necessities in life and it can’t be right that unscrupulous bankers in London and New York are getting rich by gambling on the price people pay for a bag of rice in Bangladesh or a loaf of bread in Ethiopia.
“Frank and Carol made an excellent case for tighter regulation and I will be taking up their cause in Brussels.”
Secretary Frank Smith said: “Millions more people are going hungry because banks are using food prices to make massive profits.
“The US has already moved to limit food price speculation, and strong European regulation is urgently needed.
“It’s fantastic that our local MEPs are engaging with this issue, and we hope many more people will join us in raising this issue.”