RUNNING a small local hotel I am aware how the food costs have risen during a financial crisis. I have watched, at Tesco for the last few years, as 20-45 per cent is added to a single item in one short week. This is unhelpful of the corporate giants towards those struggling in the current climate of financial restraint.

UK food prices have risen by 32 per cent since 2007, putting huge pressure on people on lower incomes.

In many developing countries, price rises are even more severe. In parts of Malawi, the price of the staple maize doubled between 2011 and 2012.

In a world where nearly a billion people are hungry, we urgently need to stem the high-cost of food.

Banks like Goldman Sachs are making millions speculating on food prices and this has the effect of driving up prices.

So, to tackle high prices, we must curb this excessive speculation.

Legislation to do just this is currently under discussion in Europe, but the UK government, to its shame, has so far refused to back strict rules. For the sake of people in poverty both at home and abroad, the government should put the human right to food before banks’ profits.

It is time for the banks to be reigned in and it should be people first, not profit. My hotel is a not-for-profit venue and I have not been paid a wage in 13 years as I run it for the betterment of people and not the banks or for my next flash car (I drive an old people mover that is on its last legs).

JOHN BELLAMY, Hamilton Hall, Carysfort Road, Bournemouth