Your money-making expert. Financial journalist, TV and radio personality.
As Brexit looms mere weeks away, the British Government is sending out messages along the lines of: “No need to stockpile before Brexit”. If there’s anything we’ve learned from 2020, it’s that, when we hear communications like that, we’re suspicious! Does that mean we SHOULD stockpile, really? Will there be shortages of food and products? How will Brexit impact our finances – and can stockpiling save against sudden price rises in 2021?
First of all, we’re not here to cause panic. We all remember the Toilet Paper Crisis of March 2020 and we don’t want to see a repeat of that, thank you.
Stockpiling, however, might suit SOME people for SOME products. It does NOT mean “take everything on the shelf and leave nothing for anyone else”. It means “Pick up one extra (or two, if you must for an oft-used essential) and leave the rest for your fellow neighbours”.
Stockpiling can be useful for some things, such as:
It’s not ideal for:
Stockpiling for Brexit is something many MoneyMagpies have been doing for a while now, too. Michelle says: “The last few months, I’ve picked up an extra tin of something here and there to put in the cupboard – particularly when I see something like a buy-one-get-one-free offer. I hope Brexit doesn’t affect things too much, but with the pandemic and a shielding husband, it made sense to me to prepare ahead of time just in case.”
She points out some good reasons for adding extra food to her pantry:
However, as with any debate – there are two sides to every story.
There are many disadvantages to stockpiling. The first, and most obvious, is that more selfish people will take everything for themselves and leave nothing for others.
Other disadvantages to stockpiling for Brexit include:
Unless you KNOW a product is going to go up in price (and, at time of writing, we couldn’t find concrete evidence of this happening), you might not make any savings. You could also end up spending more money than you would without stockpiling because you’ll buy products you don’t like or need!
These are the reasons the Government are telling us we shouldn’t be stockpiling. However, with reports of Brexit causing delays at the border, what could this mean for our supply chain?
Will prices go up on produce after Brexit? The truth is, we don’t know. It’s likely we could see price rises as increased import/export duties impact manufacturers and suppliers both in the UK and EU. However, these rises could soon level out or even dip as the inevitable shaky start is smoothed out over time. In addition, many companies will already be adapting to make sure they can continue supply in the UK – so this could counteract some of the price rises.
At the time of writing (16th December 2020), we still have no information on the Brexit deal. This means it’s incredibly tricky to predict what could happen and how to protect our finances in the future. There are, however, some things to consider:
We’ll continue to monitor the situation and advise of changes as-and-when they’re published.
As you can see, Brexit (and, let’s face it, Covid-19) will have a huge impact on our finances in some form. Stockpiling for Brexit is just one thing to consider – and even then, it might not be worth it. Are you stockpiling this December? Comment below!