READERS are probably aware that prices are rising! Food and petrol to name two.

It is probably true that VAT and global warming are partly to blame. But the chief culprits however are banks, financiers and hedge funds who are “betting” on future oil and food prices. Some foods are now 20 per cent higher than last year and we all know the price of fuel.

This genie was let out of the bottle in the early 1990s when world banks were deregulated.

Food was turned into a “derivative”, bought and sold by traders. This week saw the publication of the “Global Food & Farming Futures report”. It argues the need for GM (genetically modified) crops and animal cloning to alleviate world hunger. I would advise readers to treat this with due caution.

An Indian agricultural expert Davinder Sharma points out the world already produces enough food for 11.5 billion people. In reality one-third of all food produced is thrown away.

The pressure for the acceptance in Britain and Europe comes mainly from giant agri-businesses; not world wide hunger. They aspire to maximise profits and the recent Wikileaks report that the US should consider sanctions against Europe if it still refuses to accept GM crops is indicative of their attitude to our resolve not to allow our countryside to be polluted in this way.

I recommend the following... consume less, grow more of your own and, most importantly, put extra taxation on banks and other speculators to subsidise world food and commodity prices.

HOWARD DAVIES, Holme Road, Highcliffe