World Development Movement has criticised a leaked UK government memo which seeks to undermine the EU’s proposed controls on food speculation ahead of negotiations in Brussels next Wednesday.
The UK-based anti-poverty group has accused the British government of favouring the interests of commodity speculators in large financial institutions over those of food producers. The proposed EU market control measures are intended to seek to limit food sector price volatility.
World Development Movement (WDM) says it has seen a memo which UK negotiators sent to their EU counterparts from other EU countries seeking to prevent loopholes in the EU’s proposals being closed in the draft regulation. WDM argues that impeding tighter regulations will give banks greater freedom to speculate on commodities, thus undermining the EU’s intent in developing its volatility controls.
Director Nick Dearden said: “The government is putting the profits of big banks before the fundamental right... to access to food.”
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