Your trusted source

With a prospect of a no-deal Brexit increasingly likely, British residents are preparing for what may arise after leaving the EU.

A survey released this Monday reveals that they've spent around €4.3 billion stockpiling goods, Euronews reports.

The research found that 800 thousand people had already spent more than €1,000 preparing for the potential food shortages.

Food and medicine are the most popular items. Three out of four of the surveyed said they bought extra provisions and 50% bought extra medicines and drinks.

If the UK leaves the European Union without a deal, businesses predict there will be short-term supply problems.

But a no-deal Brexit could also worsen Europe's medicine shortage.

Every month, about 45 million packs of medicine are shipped from Britain to the rest of the bloc.

Pharmaceutical companies warn that some drugs might not have the necessary approvals by then to continue being imported from Britain. Plus the increased customs controls between Britain and the EU could also disrupt supplies of drugs and the chemical compounds needed to produce them.

The Brexit fears and the economic shrink of the UK in the second quarter of this year saw the pound plunge to a ten-year low against the euro last week. But Sterling recovered some value on Monday.