According to new research, Brits have spent more than £4.6bn stocking up on household goods in preparation for a no-deal Brexit.
Premium Credit who carried out the survey showed 2.4m people have spent over £500 stockpiling, 17% of the UK have been stocking up on medicines, food and drink. A further 6.1m Brits have over £1,000 filling up their cupboard shelves in preparation for a hard Brexit.
One in five Brits surveyed have said, their employers have concerns over a “bad Brexit” and are stockpiling inventory.
The survey showed that companies stockpiling will burn through cash quickly, and this could lead to firms relying on credit to buy goods.
Adam Morghem, strategy and marketing director at Premium Credit said, “There are a lot of concerns regarding a bad Brexit, and our research reveals the extent to which both businesses and individuals are stockpiling as a result of this. The implications are much wider than many may suspect.
“From creating cashflow problems, to under insurance of stockpiled goods to curbing a business’ plans for expansion. Our findings also suggest that many people may also be missing out on promotions and pay rises as a result of Brexit related stockpiling.
“With cashflow being adversely affected, it puts pressure on businesses and individuals to rely more on credit to buy the goods and services they need.”