Terrified about Brexit. Is there anything practical I can do?

October 21, 2018 3:13 PM

I am terrified about what will happen to me (and my family and friends, but I'm going to keep this question on the selfish side) after Brexit. The big fear is medicines - I rely on four different ones to keep me well. Lack of food and other essentials are obviously there as other worries, as well as longer-term issues about the economy, employment and so on. This is not irrational fear. Is there anything practical I can do, as much to deal with my fear as anything else?

Practicalities:
- I live in Scotland and my elected representatives already oppose Brexit.
- Stockpiling food is a given.
- Because of the way prescriptions work, I can't hoard medication. I know there are centralised stockpiles, but as at least one of my medications would not be classed as 'lifesaving' I don't know if it would be a priority.
- There are reasons I can't look for work outside the UK at the moment (as a way of just not being here when it happens).
- Is there liklihood of such a significant depreciation in the value of sterling that changing savings into Euros or Dollars would be a sensible move? (Sorry if this question betrays financial ignorance)

posted by Vortisaur to Grab Bag (6 answers total)

I certainly would not be sorry for asking any of those questions and if anyone can give you a definitive answer to any of them I would guess they are making it up or confusing wishful thinking with an unknown reality. I think I can reasonably assure you that stockpiling food is probably not necessary--business look for opportunities and no matter what happens someone will find a way to make food available (that does not mean it will not be more expensive). If you have strong food preferences or needs there is no harm in buying extra. I wish I could offer some specific reassurnace about medicine but that is beyond my understanding--speak with your physician(and your pharmacist) about your concerns and what do they expect. They maybe equally confused, appropriately reassuring or falsely reassuring--ask them to please be candid. I am guessing that Sterling has already been adjusted by the market to an unfavourable (but not worst case) scenario. The UK is a large country and the currency will muddle through. If you have 'substantial" funds you could diversify but then you are really competing with professional billion dollar currency traders guessing what will happen. You have my heartfelt sympathy. It is probably prudent to save as much as is realistic while markets adjust--but that is usually good advice regardless of the situation. I will be watching from across the Irish Sea. Hoping the best for everyone
posted by rmhsinc at 6:37 PM on October 21, 2018 [2 favorites]

It’s not irrational fear, things might get a little bumpy politically but it is extremely unlikely to get to any sort of national emergency type situation the link describes.

Worst case scenario might be something like the fuel protests of the early 2000s or the post Duggan Riots a few years ago. I imagine you lived through those unharmed?
posted by Middlemarch at 7:52 PM on October 21, 2018 [2 favorites]

This is a bit chatfilter, but I'll answer anyway.

I oppose Brexit too, but this is irrational. The most life-threatening situations would be taken care of, including medicine supplies. Most things will get more expensive and there will be disruption, including unemployment, but these are not immediate concerns and they are definitely outside your scope of worries. I'm sure you lived through the Great Recession, y2k bug, Black Monday, ISIS, terror attacks.

Yes, Brexit is something to be concerned with, and to vote or campaign against, but it is one worry among many other worries, and which are completely outside your control. Other worries that you can't control include:

1. Rise of authoritarianism in US and some European countries
2. Breakdown of established democracies
3. Climate change making for worse winters in Scotland


Identify the things that you CAN control, i.e.

1. Medicine supplies -- backup and emergency supplies, including travelling if you need to.
2. Diversification of your finances. You should be doing this anyway. Don't overleverage in housing and invest in an index of diversified low-cost funds.
posted by moiraine at 2:55 AM on October 22, 2018 [4 favorites]

It might be worth talking to your GP and your pharmacy about getting in extra supplies of your medications? Just a small thing, but it might help. All the best.
posted by vincebowdren at 5:24 AM on October 22, 2018 [1 favorite]

this is something I would talk to my GP and pharmacist about.
posted by JamesBay at 4:06 PM on October 22, 2018

I think civil unrest is probably the worst-case scenario, and relatively unlikely. But there's a certain tendency for people to say, "oh, it won't be a big deal, we'll muddle through", and I think some people definitely aren't taking the risks seriously enough. This could be bad. If you remember the situation before the UK begged to join the EU, the economy was in shambles and the Irish troubles were in full swing. If there's a no-deal brexit, things could go back to how they were in the seventies. Add to that the total lack of any international trade deals (since the current deals were all made with the EU), and I'd say that a no-deal brexit is not to be taken lightly.

Concretely, I'd say it's not at all alarmist to stock up on things like beans and rice that could get you fed in a pinch. The government will be scrambling to put something new in place to keep everyone fed, but the transition could be a bit rocky (especially if there's a no deal brexit).

Financially, sterling has already taken a significant hit in anticipation of brexit. If there's a better-than-expected deal, sterling might actually go up, since the current value is based on current expectations. But if things go worse than expected (e.g. a no-deal brexit), then sterling will plummet. Given the situation, it's definitely best to diversify. If you can move some of your money into euros or dollars, that would be prudent.

As for medications, I can't say much beyond what people have already suggested: talk to your GP and pharmacist.
posted by klausness at 4:31 PM on October 25, 2018 [1 favorite]