UK plans overhaul of vet sector to tackle surging pet costs

LONDON, Jan 27 (Reuters) – Britain plans to overhaul the veterinary market with clearer pricing rules and a new licensing system to hold the sector to account after a surge in charges faced by pet owners in recent years, the government said on Tuesday.

Spending on pets and related products has ballooned in a country where over half of households own an animal, rising fourfold to 11.3 billion pounds ($15.52 billion) in 2023 when compared to 2005, according to data platform Statista.

Officials say opaque fees and limited competition have intensified pressure on consumers. The vet sector has consolidated sharply in the past decade: Major players include Pets at Home and CVS Group.

Here are some details of the government’s proposed reforms to make the sector fairer:

• Vet practices will be required to publish price lists for common treatments and be transparent about options and changes, the government said;

• Vet businesses must disclose who owns them so pet owners know if their local practice is part of a larger chain, or independent;

• Every vet practice will need an official operating licence, similar to primary care health clinics and care homes;

• The reforms aim to help households understand what they are paying for, avoid unexpected costs and choose the best value care for their pets;

• The government says the proposals will “make the system clearer, fairer and more transparent for owners – while supporting veterinary professionals alike”;

• The proposals will now be subject to an eight-week public consultation.

• Reforms follow findings from the British competition watchdog in October that average prices across the sector jumped 63% between 2016 and 2023, far outpacing inflation.

($1 = 0.7280 pounds)

(Reporting by Muvija M, Editing by William Maclean)