It looks like the UK government is now taking a rational long-term view on this issue. There seems to be a growing consensus that development of
biofuels as a supplement to subterranean oil had far more to do with short-term farming profits than formulation of carefully considered sustainable
agriculture policies around the world.
This decision seems to have been taken after careful consideration of the impact of the biofuels business on more than the profits of large
businesses. I for one applaud the fact that the impact of this issue on developing countries has been given due weight:

...It [the World Bank] fears that current policies could see grain prices in the EU rise by 15%, sugar by 7% and oil seed by 50%, while millions
more people in other parts of the world could be pushed into poverty...
Source:
news.bbc.co.uk...
At the same time this is clearly not a knee-jerk reaction to widespread concerns: it is a measured response:

...Prof Gallagher said the figures did not take into account the impact of climate change on poor people if biofuels were not introduced, or the
help they could provide to rural economies or the fluctuating oil price.
His review says biofuel production should be focused on idle and marginal land and the use of so-called second generation biofuels, which use waste
parts of plants for energy to avoid land use change and reduce competition with food production.
Source:
news.bbc.co.uk...
Serious as the issue of oil prices is, the supply of affordable food across the globe must surely take precedence.
news.bbc.co.uk
(visit the link for the full news article)