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Mon, 16 Dec 2019 01:56 GMT

Britons Stockpile £4bn of Goods Preparing for No-Deal Brexit


7Dnews London

Mon, 12 Aug 2019 15:15 GMT

A new report by finance provider Premium Credit was reported on August 12th, to have suggested Britons have spent £4 billion on stockpiling goods in preparation for a possible no-deal Brexit.

The British newspaper the Guardian reported that the survey found that one in five people are already hoarding food, drinks and medicine, spending an extra £380 each, while almost a million people have spent more than £1,000 building up stockpiles before the 31st October Brexit deadline.

Several media outlets in the UK made the report part of their coverage on August 12th and highlighted different parts of it.

The Guardian continued to emphasise the short-term supply shortage a no-deal Brexit could bring, saying that if the UK leaves without a deal businesses predict they will be facing problems to keep their supply chains going, which the government says it is working to mitigate.

Huffpost meanwhile, compared the currently reported spending to time periods earlier in the Brexit process and wrote that the amount spent so far was £600m less than in the build-up to the original March 31st deadline.

Adam Morghem of Premium Credit commented, “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.”

Morghem also advised businesses to check with their brokers to “make sure their stockpiled goods are properly insured.”