Barclays faces protests over food speculation

 
Steve Dinneen
Follow Steve
BARCLAYS could see its annual meeting today disrupted by a group of protestors complaining about it speculating on food prices.

The World Development Movement says it will protest against Barclays “pushing up the price of staple food”.

Barclays Capital told City A.M. it acts “as an intermediary for our clients.”

Protesters say banks are “profiting from hunger” by speculating on food prices.

However, the protests ignore the plethora of elements that have contributed to increasing food prices, such as severe weather conditions hitting grain crops.

Murray Worthy, policy officer at the World Development Movement said: “First, it was sub-prime mortgages, now it is food commodities. Along with others in the sector, Barclays is able to make unchallenged profits by betting on hunger.

“We are calling for the government to back legislation that will curb this reckless behaviour.”