HOUSEHOLDS have already spent £4 billion on stockpiling goods ahead of a possible No-Deal Brexit, according to research. However, the amount spent is £600m less than in the build-up to the original March 31 deadline.
A survey by finance provider Premium Credit shows one in five people has started hoarding food, drinks and medicine, spending around £380 each.
The survey also found that around 800,000 people have spent more than £1000 on stockpiling ahead of the October 31 deadline. Of those stockpiling, 74% surveyed said they had bought food, 50% had stocked up on medicine for themselves, 46% are holding spare drinks and 43% have bought extra medicine for family members.
READ MORE: Young people will pay the price of Brexit, Mhairi Black warns
Brexit-related stockpiling is also hitting cashflow, according to the report, with companies taking out credit to cover the cost of insurance and other fixed costs.
Adam Morghem, at Premium Credit, explained: “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.”
Several retailers have already said they have started stockpiling to ensure there are enough goods that can only be sourced overseas available on shelves. Last week, the boss of Pets At Home revealed the business is hoarding pet food, and Domino’s Pizza said it has started stockpiling toppings.
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