UK business owners rush to stock up ahead of Jan. 1

Gulf Today Report

With post-Brexit custom checks starting Jan.1, British business owners are overstocking goods.

According to logistic companies, demand for delivery before the New Year has soared. Custom agents are also overwhelmed as traders try to learn the ropes of the new rules.

READ MORE 

Disney to let go of 32,000 staff

Oil falls following a decline in US inventories

Gold prices rise as investors remain hopeful for a stimulus

Jon Swallow, director of Jordan Freight said, "we have told our customers that the best thing you can do now is stock up, stockpile, and they're bringing in as much as they can."

However, overstocking comes with its own downside. Businesses do not have the capacity and the prices of items are increasing.

Prices have surged by 20% and could do higher in December, Swallow added.