UK spends £4,000,000,000 on stockpiling for chaotic no-deal Brexit

Brits preparing for a no-deal Brexit have spent £4 billion on food, medicine and other essentials, according to new research. 

One in five have spent around £380 each, fearing the worst for when Britain leaves the European Union on October 31.
But the amount spent is still £600 million less than in the build up to the original March 31 deadline.
According to a survey by finance provider Premium Credit, 800,000 people have spent more than £1,000 on stockpiling ahead of the current deadline.

Prime Minister Boris Johnson repeatedly vowed to take the UK out of the EU by then, with or without a deal.

If the UK crashes out with no trade deal, businesses predict short-term supply problems, which the government says it is mitigating.
Research in the weeks leading up to the original Brexit deadline found around 17 per cent of the country spent £4.6 billion on essentials.

Of those stockpiling, 74 per cent said they had done this with food, 50 per cent for medicine for themselves, 46 per cent bought spare drinks and 43 per cent were storing extra medicine for family members.

Brexit-related stockpiling is also hitting cashflow, forcing companies to take out credit to cover insurance and other fixed costs, according to the report.

Adam Morghem, at Premium Credit, said: ‘The level of stockpiling by British businesses and households is well documented, but there has been little focus on the impact this has had on cashflow, which has been quite negative.’

He said over the past three months his business has seen an uptake in clients needing help to pay their insurance.
The research also found 48 per cent of workers said their bosses had stockpiled ahead of the March 31 deadline, but only half of those have started shifting the goods.
Only 25 per cent said they had maintained their stockpile levels and just 10 per cent said their bosses are currently stockpiling new goods.

Last week, the boss of Pets At Home revealed the business is hoarding £8 million worth of pet food, and Domino’s Pizza said it has started stockpiling toppings.

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