Virgin and WDM: unlikely bedfellows

Kate Blagojevic, used to be press officer

I am sure there are few things that Richard Branson and WDM agree upon; one is the preceding sentence and the second is that excessive speculation by banks and hedge funds exacerbated the food crisis in 2008.

That's all i can think of so in short WDM and Virgin have little in common: WDM has campaigned for the aviation industry's emissions and subsidies to be cut, and on a personal note, Richard Branson throwing Kate Moss over his shoulder and the sexism rife in Virgin ads all make me cross, so it was somewhat surprising to hear conversations about 'a great letter in the Economist from Branson' in the office. But it was true, and regarding this letter in which Branson took The Economist to task over its some of its analysis on the effects of excessive speculation on the price of food and oil.

The OECD report to which Branson refers claims that there is no link between speculation and food prices is widely touted by the banks, and others who oppose reform and regulation which seems to include the Tory party. From Virgin to the World Bank to UNCTAD to the FAO to the UN expert on Food to the US government and to the French government and half the French population, opinion is that banks betting on food and causing hunger is wrong.

WDM is currently campainging for regulation which will bring excessive speculation under control and into the open so we're asking people to write or email their MPs to encourage them to write to George Osborne. We know that George is a busy chap picking which public service to axe next, but today yet another report came out declaring that there are one billion hungry people in the world, and George Osborne does have the power to do something about that.

Come to find out more at our free event on 26 October with one of the world's leading women economists and Afua Hirsh from the Guardian. In the meantime, please write to your MP and ask is she/he could write to the Chancellor of the Exchequer, asking him to confirm that the Treasury takes seriously the threat to financial stability and international development represented by underregulated speculation on food derivatives, and whether he will back reregulation, namely:

• All food derivatives trades to go through transparent central clearing
• Strict position limits on financial players in food derivatives markets