British consumers have reportedly stockpiled well over €4 billion ($4,471,800,000) in anticipation of a potential no-deal Brexit.
A survey found that 800,000 people in the UK have spent over €1000 stockpiling goods in anticipation of food shortages. Out of all the goods the British are stockpiling, food and medicine are coming first. Three out of four of the survey respondents reported buying extra provisions, and half are stockpiling extra medicine and drinks. While this may sound extreme in a developed country, there is plenty of justification for these fears at the moment. No deal has been reached for Brexit, which means that when Britain leaves the EU in October, the country will be treated just as any other non-EU country would be. This implies that there will be far more thorough checks at the UK’s borders, which is expected to seriously slow down imports and exports. Business leaders are predicting that there will be short-term supply problems following a no-deal Brexit in October.
The changes that Brexit is expected to bring go both ways. Pharmaceutical companies are warning that some drugs may not receive the necessary approval for shipment to the EU from the UK. Enhanced customs checks at EU-UK borders could also disrupt the flow of drugs and the components needed to produce them. The primary fear that’s accompanied Brexit is an economic recession and a devaluation of the Pound.