LAST year, global investment bank Goldman Sachs made up to £251 million from speculating on the price of basic foods such as wheat, soy and maize.

Food speculation drives up food prices and is contributing to the fact that nearly one in seven people worldwide are hungry.

While high food prices hit people in the world’s poorest countries hardest, people in the UK are also affected, with the cost of our weekly shop going up.

It is scandalous that banks such as Goldman Sachs can get away with what is essentially gambling on food prices.

Regulation to curb speculation on food is under discussion at the EU, but our government has so far attempted to block strict rules.

I would like to see the UK supporting tough controls to prevent banks from pushing up prices.

Patricia Bartley, Moss Street, York.