In a new study released last week, the Policy Exchange says the UK Government must embrace a “National Food Security Strategy that encompasses the entire food ecosystem to keep products on shelves and prices down.”
With the challenges of affordability not waning for consumers despite drops in inflation and efforts by some retailers to keep prices low, the Policy Exchange noted 27 recommendations for improvement in his report Strengthening the UK’s Food Security: Innovation and investment in the Food Manufacturing Sector’.
No. 1 is the need to ensure food security and embrace more than just a strategy that considers agriculture. The Exchange says food manufacturing, logistics, wholesale, hospitality and retail should be at the heart of change, not just farming. They noted a staggering 30% decline in investment for food and drink manufacturing, for example.
The Policy Exchange noted these other areas for improvement in the report, which has been given a nod by a diverse group of MPs and experts.:
- The British Business Bank should establish a new Food Security Transformation Fund focused on technology investment across the food ecosystem to help de-risk expensive capital investments and promote novel solutions across the food ecosystem that could contribute to food security.
- The Food Standards Agency should fast-track approvals for any product that has already been approved by trusted regulatory regimes in countries outside of the UK.
- The Government should make it easier for food suppliers to modify their inputs during periods of geopolitical disruption. This should include the ability to switch ingredients with a pre-approved list of substitute goods
- The Foreign, Commonwealth and Development Office should make strengthening global food security an increasing focus of the UK’s development spend.
Read the full report here.
