WDM Reading group set up a ‘Bankers Anonymous’ stall at Woodley Precinct on Sunday 14th April, to highlight the bank’s addiction to gambling on food prices. Financial speculation by banks and hedge funds is driving food prices up, sending the cost of basic foods spiraling beyond the reach of millions of the world’s poorest people.
In February Barclays announced a withdrawal from speculating on food following public outcry over its effect on hunger. The World Development Movement is calling for tough controls on speculation. The local campaigners asked passers-by to take part in a ‘five step programme to help bankers kick their addiction, with steps including signing a postcard to local MPs asking them to urge George Osborne to act to control speculation. European finance ministers including George Osborne are due to vote in the coming months on draft regulation to curb food speculation. But the UK government has so far failed to back tough controls.
