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January 17, 2014 / politicsbitesize

Food Speculation

WDMSome exciting news has come in this week from the World Development Movement, which Politics:bitesize is happy to share:

‘Late on Tuesday night, EU negotiators agreed to introduce regulation to help stop banks and hedge funds driving up food prices and worsening the global hunger crisis.

With help from hundreds of activists we’ve campaigned hard for over three years to build public pressure and make food speculation an issue that can’t be ignored. Now we’ve seen historic progress.

In line with our demands, new controls will curb financial betting on food contracts and increase the transparency of deals. The new regulations might not do absolutely everything we want, but they are a first step to reclaiming our world from the grip of finance.

We’ve been continually outraged by the UK government putting banks’ profits above people’s right to food by opposing tough controls throughout the negotiations. But despite some weaknesses the agreement represents huge progress, meaning that for the first time the EU has rules to tackle food speculation.

It was our campaigning, alongside allies in Europe, which made tougher regulation possible.

Now watch this space as we prepare to launch our next big campaign for food justice …

Best wishes,
Heidi Chow,
Food campaigner’

For further updates visit: http://www.wdm.org.uk/food-and-hunger/eu-takes-historic-step-stop-banks-betting-hunger 

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