Clause 6 — Extension of scope of regulation

Part of Financial Services Bill (Money) (No. 2) – in the House of Commons at 9:15 pm on 10th December 2012.

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Photo of Alison McGovern Alison McGovern Labour, Wirral South 9:15 pm, 10th December 2012

I thank the hon. Gentleman for his intervention and his compliment that he thinks my point is not wholly without merit, but it might test your patience, Mr Deputy Speaker, if I tried to shoehorn into the debate on the amendment possible solutions to the global food crisis and productivity in agriculture.

On derivatives, in agricultural production there is a need to hedge. There needs to be some kind of financial security to take account of unforeseen weather events and so on, so of course there is a need to hedge, but that is not what I am talking about. The question is whether some of the recent high-volume, high-speed forms of speculation and trading have had an impact on the global food price. I suspect that they might have, but it would be nice to have more information.