Bankers are addicted to gambling on food. While they reap millions in profits in financial markets, their actions lead to hunger and poverty in poorer countries.
Gambling on food is a scandal and needs to be stopped. New rules to regulate speculation on food will be decided by EU finance ministers in the coming months but they are at risk of being blocked by the UK government.
Send a message to your MP today to write to the Chancellor urging him to support tough new rules and put an end to reckless gambling which is pushing millions of people into hunger.
Dear _____ MP,
Bankers are addicted to gambling. Their speculation in the commodity markets has pushed up food prices, affecting UK consumers as well as leaving millions across the world facing hunger.
The EU is in the final stages of negotiating new rules which could tackle excessive commodity speculation but it needs the UK government to support them.
Please write to the Chancellor and ask him to support regulations that:
- Ensure transparency on commodity futures markets, by requiring that all deals on commodity derivatives take place on regulated exchanges and are reported to regulators;
- Introduce position limits - a cap on the amount of commodity contracts that traders can hold - set by the Europe-wide regulator and applied to all contracts to prevent speculators from dominating the market and driving up food prices.
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