Contigency plans for the worst case scenario...

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I'm feeling, like a lot of people, reasonably anxious about a no deal Brexit which seems to be becoming more likely with each passing day (in my opinion).

I'm starting to think about contingency plans should the absolute worst happen...so 8-10% GDP drop, massively increased unemployment, 30%+ rise in food prices, much higher interest rates.

I'm not taking about stockpiling or prepping for food as that's pretty well covered on the Prepping topic.

Has anyone else started thinking about contingency plans like this yet?

I always like to have a Plan B a proper one. not like Theresa May's imaginary Plan B

I have wondered if I should renew my Canadian passport. And get them for the children. It would have to be serious dire straits in the U.K. before I would consider a move back there though. I mean, no jobs or food. Until then we’d stick it out here.

Personally I think that’s all coming anyway. Little to do with Brexit, another global economic crisis is well overdue.

I’ve been preparing for it since the last one starting in 2007/2008.

I'm close to the point of booking my mum a flight out of the U.K. to a safe place in Europe in the last week of March. She's in her 80s, and lives alone in a rural area.

(My view is still that "no deal" isn't going to happen, but I can afford to chuck a hundred quid at an easyJet ticket that hopefully won't get used).

ThroughThickandThin01, can I ask how have you been preparing for it?

Activate Irish citizenship for me and dh - each has an Irish parent. Getting Irish citizenship for dd

Hester by getting ourselves into a good financial position and not the precarious one we were in when the credit crunch hit. We’ve been overpaying our mortgage as a priority, still have one but it is much less than it would have been had we not taken the decision to overpay. We have got rid of some credit cards, just working on the last two. And I have a full time job after been a sahm.

It’s all about having little or no debt IMO, and not being at the mercy of interest rate rises, job losses etc.

I’ve learned the language that DH is fluent in, and we’ve both lined up work opportunities in that country. Unfortunately with eldest child halfway through A levels we can’t go until mid 2020 without causing significant disruption.

another global economic crisis I would add environmental too.

I suspect there are going to be big global changes.

I can’t believe we voted to put our energy into this when you consider the issues of UK poverty and climate change are much worse! We’ve been overpaying the mortgage reducing it as much as possible. Stockpiling a bit of food for a few weeks in case there is short term disruption and buying our big ticket items now as the cost of these could shoot up. Other than that I’m not sure what we can do.

We paid off our mortgage as a way of getting ready for whatever Brexit brings. We only had 70k left to pay. We all have Irish passports. Would consider moving to the Far East or US for a while to get away from it all for a while.

We have cancelled some plans we had for home improvements and have put that money into savings instead.

We're trying to cut down what we can now to try and save what we can while we're both in work. Plenty more we could do to cut down though.

I also have a big pile of stuff to Ebay so going to get on that tomorrow and sell what I can to add to the savings.

We have three spare rooms (we use them for various things at the moment - guest room, sewing room, etc). So my back up plan in a worst case scenario would be to take in lodgers though we're semi rural so not sure how much demand their is for rooms to rent.

I've just cut the cleaner down to once a fortnight rather than every week (and obviously can cancel altogether if things get tough).

Thanks ThroughThickandThin01! Also good to hear how everyone is planning, thanks for the thread OP.

We paid off our mortgage a couple of years ago (not in preparation for Brexit), and DH and I have dual citizenship (UK and a non-EU country). But DD only has a UK passport, need to sort that out.

DH and I are paying as much into our pensions as possible, I track expenses and we don't do a lot of shopping. How does one do an 'MOT' on their finances? Brexit has certainly made me more conscious about this stuff.

Well, we aren't doing an extension to our home and saving our money for now, I think we'll have our holiday in the UK this year and I'll fix our mortgage for a decent stretch when the introductory period comes to an end next month.

There's a lot of give in the food bills, so if they rise I can delete just eat from dh's phone adjust what we eat.

We fixed our mortgage for seven years last year. That should see us almost to the end of our mortgage if we are able to maintain overpayments.

We decided against doing any further home renovations this year. The ground floor will have to wait as we aren’t prepared to take on any more borrowing at the moment.

DH thinks everything will be fine.

I don’t.

Both DS and I have Irish passports anyway. Getting DS a British one. I’m considering it.

We are very lucky to be mortgage free and financially comfortable. Although most of it is in investments which scares me silly. However property not necessarily a great investment either.

I’m stockpiling food and household stuff. DH is finding it amusing. But saying nothing.

DS is doing A levels this year. Otherwise I think I’d be pushing to move overseas.

@Peridot1 what kind of things are you stockpiling?

Moving abroad. We both work in professions where we can easily move abroad and are not British. To be honest I think we will move even with a deal as opportunities are better abroad now.

An 8% drop in GDP is insane, its a depression and 3-4x worse than 2008. How on earth could the country survive that? Not much I can do but sit and wait and pray.

Winterfellwonderland - I’ve just followed advice on some of the Preppers threads. Stocking up on non perishables - pasta, rice, tins etc. Loo roll! I haven’t gone mad but feel we have enough basics. Although we tend to be pretty well stocked anyway.

Husband applied for and received his Irish passport.
I applied for citizenship of the country where we live. Waiting.....