You are here: Home - Household Bills - News -

Brits slash spending and stockpile goods ahead of potential no-deal Brexit

Written by:
One in five Brits are hoarding items like tinned food and dried goods in anticipation of shortages following a no-deal Brexit.

Young adults appear most concerned, with a quarter of 18-34-year olds stockpiling everyday items, according Barclaycard’s latest consumer spending report.

The research reveals Brits are nervous about the future of the UK economy, with spending up by a meagre 1.3 per cent year-on-year last month, less than a third of the growth seen in August 2018.

Essential spending rose by just 0.6 per cent, while supermarket expenditure increased by a modest 1.3 per cent.

Discount stores were the big winners, with spending up 8 per cent.

Spending in pubs and restaurants remained robust at 11 per cent and 9 per cent respectively.

Esme Harwood, director at Barclaycard, said: “August’s figures signal the end of a fairly subdued summer for consumer spending – showing a marked contrast to the previous August.

“A weak pound and worries about rising prices are causing concern for many, with Brits looking to better balance their household budgets.”

Laura Suter, personal finance analyst at investment platform AJ Bell, said this August is “starkly different” to last year when Brits made the most of the long, hot summer by spending liberally in pubs, on food for BBQs, in garden centres and on festivals and other entertainment

“This August the story is one of stockpiling, discount shops and cutting back,” she said.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week