Competition regulator barking up the right tree on vets’ opaque pricing
Poor Tiddles and Fido are too often getting a bad deal – or, rather, their owners are – from the large corporates that dominate the veterinary business these days.That, very roughly, is the conclusion of the Competition and Markets Authority, which was obviously barking up the right tree when it decided 18 months ago to look at a sector that can take an opaque approach to pricing its goods and services.Prices have been rising far faster than general inflation between 2016 and 2023, says the watchdog.The increases cannot be justified – at least, nothing like fully – by investment in better kit or superior services or higher salaries.And, critically, there is a big difference between the prices charged by the large chains and the independents that, pre-2013, used to represent the bulk of the industry.
The CMA found that the average price charged by a practice owned by a large vet group for consultation, treatment and medicines was 16,6% higher than at an independent vet,That statistic contributes, says the CMA, to a “customer detriment” – which can be regarded as excess profits – of more than £1bn over five years,“For a substantial part of the market as a whole, profits are much higher than they should be if competition was working well,” says the watchdog,So smash up the big chains? Try to reverse the consolidation of the past decade that has resulted in six companies – IVC Evidensia, VetPartners and Medivet (all private equity-backed), CVS and Pets at Home (both listed firms) and Linnaeus (owned by Mars, which is big in pet food as well as chocolate) – owning more than 60% of practices? Set a limit on local concentration?Well, no, the CMA is suggesting nothing so radical.
It will be accused of being a watchdog with more bark than bite but, actually, it is probably right to reject significant “structural” remedies.The problem here is not one of lack of choice for consumers: a 60% combined share among six firms is not unusual in a consumer-facing market (just look at the supermarket trade).Rather, it is that the customers don’t really know what they’re getting, or how they could help themselves by shopping around.Forcing vet practices to display a price list is a basic improvement – it is amazing they’ve got away without that requirement for so long.Disclosure of corporate ownership also matters now the cat is out of the bag, as it were, on price differences.
But the single biggest reform is a price cap of £16 for writing a prescription,Since it is probably impossible to try to set prices for thousands of medicines themselves, the easily implemented alternative is a flat fee for a prescription that can be used to shop at an online pharmacy; for repeat prescriptions, that ought to be effective in principle,It will all require the customers to do some leg work, of course, if the intensity of competition is to improve,But addressing the asymmetry in information between practices and customers is a useful place to start,The big operators, who had been making veiled threats about cutting investment if the CMA got too heavy, should count their blessings.
There is nothing in this report that demands they do anything exceptional: they just have to provide levels of transparency that would be normal in most consumer sectors.The other half of the package is an overhaul of a regulatory system that is out of the 1960s and seems barely to have been touched thereafter.At the moment, only individual veterinary professionals are regulated and businesses are not.With such a hands-off setup, you can see why the private equity brigade was attracted by the financial possibilities that could come with rolling up independents into bigger national groups.Proper regulation and an ombudsman service for consumers look overdue.
Again, though, the corporates should have little to fear: other sectors do this without a fuss.No need for whining.
England v Pakistan: Women’s Cricket World Cup match abandoned due to rain – as it happened
Raf’s report is here – goodnight!I think we showed that we can beat England, but [the rain] was not in our favour.[On her four-for with the ball] I know this pitch has been good for the fast bowlers so I just tried to bowl a good length. It would have been good [to take those wickets] if we had won the match.We've bowled well in the last couple of matches so hopefully we can improve our bowling in the next few games.I thought Pakistan bowled brilliantly and made it really hard for us to get into the game at all
India to host 2030 Commonwealth Games – next stop the 2036 Olympics?
India will be formally approved as hosts of the centenary Commonwealth Games in 2030 next month as the country steps up its ambitions to stage the 2036 Olympics.Commonwealth Sport says its executive board had recommended Ahmedabad, in the state of Gujarat, as the host city for the 2030 Games ahead of what it called an “ambitious bid” by Nigeria. The decision still needs to be ratified by a general assembly in Glasgow on 26 November, but multiple sources described that process a formality.The Commonwealth Sport chief executive, Katie Sadleir, said: “Today’s recommendation is strategically important for the future of the Commonwealth Sport movement. It builds on the platform that Glasgow 2026 will provide and sets a clear direction for the years ahead
Aisle pay that: seat surcharges leave spectators on edge at some of Australia’s biggest events
Some fans hate being stepped over inside the stadium and just want to enjoy the action in peace. Others won’t sit anywhere else except the end of a row, and are prepared to pay a premium for the privilege.The extra cost of an aisle seat has reached $25 at the Melbourne Formula One Grand Prix, as part of a trend adopted at sporting events such as the MotoGP at Phillip Island and the Australian Open tennis, as well as at some music concerts, to price tickets on the edge of bays higher than those in the middle.A spokesperson for Tennis Australia confirmed aisle seat pricing was first introduced at the Melbourne Park major in 2022, with a “modest premium” of $5, “responding to fan preferences for extra legroom and easier access”.The Australian Open is placing a premium of between $5 and $15 on aisle seats for the 2026 tournament, although not all bays in all sessions carry the extra charge
Ryder Cup triumph being remembered for the wrong reasons, says Rory McIlroy
Rory McIlroy is eager to shift discussion of last month’s Ryder Cup from the dominant theme of unruly spectators to the “incredible” strength of Europe’s display.Luke Donald and his European team secured back-to-back Ryder Cup wins after reaching what ultimately proved an unassailable position within two of the event’s three days.The reference point for Bethpage Black, though, has been appalling fan conduct; including significantly towards McIlroy. The Masters champion’s wife was hit by a beer thrown from the galleries at one point, with McIlroy himself subjected to abuse throughout.McIlroy’s return to the competitive fold, this week at the India Championship, has led him to try to change the topic of conversation
George Russell stays at Mercedes next season but door not shut on pursuit of Verstappen
George Russell will remain with Mercedes for next season after the Formula One team confirmed they would be sticking with their drivers in 2026. However, the length of the contracts signed by the Briton and his teammate, Kimi Antonelli, have not been specified, potentially leaving the Formula One team open to once more pursue Red Bull’s Max Verstappen for 2027.The long-expected decision comes after a protracted period of negotiation with Russell, as Mercedes seek stability going into the new regulations of 2026. The 27-year-old British driver has five wins in eight seasons in F1, including victory in Singapore, helping propel Mercedes into a fight for second in the world championship with Ferrari and Red Bull.Russell, who came up through the Mercedes junior programme, is fourth in the world championship
George Ford turns down R360 riches for last shot at England World Cup glory
George Ford has turned down the riches on offer from R360 for one last shot at a Rugby World Cup with England. The 32-year-old revealed he was approached by the rebel circuit, fronted by the former England centre Mike Tindall, but rejected a deal believed to be worth £1m a season to chase his dream.Ford, who reached a century of caps last summer, has signed a three-year contract extension with Sale which will ensure his availability for the 2027 World Cup in Australia.“As players, we understand what’s going on with trying to set up this new league and they did contact my agent to have discussions,” Ford said.“My decision-making was purely based on the fact that I love playing for England and I’ve got an unbelievable desire to keep playing for England
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