Labour’s Prime Minister Gordon Brown used the G8 summit to urge other world leaders to come together to tackle the global problem of rising oil and food prices that is causing pain for hard working families in Britain. World food prices are up over 40 per cent on a year ago and the price of a barrel of oil has almost doubled. That has pushed up prices at British supermarkets and forecourts.
In his statement in the House of Commons on the G8 the PM explained how the G8 would deal with the “triple shocks hurting the world economy: the doubling of oil prices, rising food prices and - because of the credit crunch - the rising cost of money.”
The PM discussed how the G8 agreed that these issues cannot be solved by traditional monetary means alone and “would require direct action that will tackle the sources of oil and food inflation and make for more stable commodity, agricultural and financial markets.”
Almost all of the recent rise in inflation has been down to the effects of higher prices for food, fuel, gas and electricity across the globe.
He also urged the international community to use the full weight of the UN to isolate the "illegitimate" state of Zimbabwe
To read the PMs full statement click here>>