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.
Source: Metro.co.uk
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