Brexit: NI consumer faces 'dip in living standard'
- Published
Consumers could face rising costs post-Brexit, a retail expert has warned.
NI Retail Consortium director Aodhán Connolly said a no-deal Brexit would mean a rise in household costs
Speaking on ³ÉÈË¿ìÊÖ Radio Ulster's On Your Behalf, he said he had heard of a small amount of stockpiling, but advised people not to panic buy.
Mr Connolly was one of a panel of experts who addressed Brexit concerns at the Consumer Council's consumer parliament in Belfast on Friday.
The United Kingdom is due to leave the European Union on 29 March.
'Tins, tea bags, toilet rolls'
Mr Connolly said there was concern about a threat over the quality of living in Northern Ireland, which he said centred on groceries, car insurance and fuel hikes.
He said "tins, tea bags and toilet rolls" were the main stockpiled items but said this was not "not an answer, we need a deal".
"I don't think it is the time to panic buy at all," he said.
"As the big retailers our message is, quite simply, that for the moment it is business as usual."
Are we stockpiling for Brexit?
Queen's University Professor David Phinnemore said if the UK and EU did agree a deal "not much would change on day one".
"If the deal goes through as it currently does, there wouldn't be much change after that for Northern Ireland.
"The big problem is if there is no deal."
Dr Phinnemore added there would still be uncertainty during the transition period if there was a deal.
"Basically the next four years are going to continue to be full of uncertainty until we get, not just this deal in place, but the next deal in terms of future the UK-EU relationship agreed," he said.
Queen's University Professor David Phinnemore
"We are not really that much further on than we were on the 24 June 2016."
Consumer Council Chief Executive John French said they were concerned about the "affordability" of Brexit.
"Just under 70% of houses in Northern Ireland use home heating oil as their main heating source," he said.
"That mainly fluctuates on the pound to the dollar exchange rate. So that could move."
NI Trading Standards Chief Inspector Damien Doherty said "people will feel the reality of Brexit in relation to travel".
"If you are crossing the border you don't need an international driving permit to go to the Republic of Ireland, but you will if you are driving in other European countries," he said.
"In some cases, there might be an increase in insurance premiums."