"Food policy across much of the world is changing. But not in Britain. That may be a costly mistake as the prices of essentials rise because of the climate emergency, geopolitical tensions and the fragility of just-in-time supply chains. Many capitals are now reviving their strategic food reserves. European nations such as Sweden, Finland, Norway and Germany are rebuilding stocks dismantled after the cold war."
"The UK, by contrast, has no substantial public food reserves. Its strategy rests almost entirely on global markets and private intentions an approach shaped by decades of liberalised trade. Even in the event of war, the official advice focuses on households stockpiling essentials. In Britain's view, food security is about prices, not scarcity of supply. Basic foodstuffs don't respond to market mechanisms in the way expected. Demand doesn't drop suddenly when prices rise, as people still need to buy them to live."
Many capitals are reviving strategic food reserves. Several European countries are rebuilding stocks dismantled after the cold war. Climate shocks and population pressures have prompted Egypt, Bangladesh, Brazil and Indonesia to expand reserves. The UK has no substantial public food stocks and relies mainly on global markets and private suppliers; official guidance emphasises household stockpiling even in wartime. Basic foodstuffs have inelastic demand and production cannot adjust rapidly to price signals. Global grain markets are concentrated in a few exporting regions, so disruptions amplify prices. Public buffer stocks can smooth prices and ensure physical supply, while recent price falls leave levels about 25% above pre-pandemic and UK food inflation outpaces headline inflation.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]