Global food and fuel price crises have helped to drive an “obscene” £4bn increase in trading revenues for the world’s top five investment banks, new research has found.
The analysis, by Lighthouse Reports, raises serious questions over the UK’s proposed Financial Services and Markets Bill, which will have its second reading in Parliament today.
The bill would make it easier for investment banks to speculate on the price of commodities, which has been blamed for the current rampant inflation.
