The Impact Of Brexit On Harley Street

By Dr Dennis Wolf on Friday, May 3, 2019

Brexit has dominated every inch of our conversation. Between daily news stories on the topic, to debates with your family and friends, it’s hard to live in Great Britain at the moment without being affected by Brexit.

If you’re interested in politics, this might be a really exciting time for you as you anticipate what will happen in the wake of Brexit. If you’re not, you probably just want to know what will happen in the industries you care about.

We wanted to share some prediction about the impact of Brexit on Harley Street, to keep you in the know in these uncertain times. Take a look at some of the changes you might see as a result of Brexit.

 

  1. Changes To Regulation

As you probably know, when we leave the EU we’ll be regulated by our own laws and guidelines and this will affect every industry including cosmetic healthcare. At present, the Council for European Medical Specialist Assessments (UEMS-CESMA) provides advice on the organisation of European examinations for medical specialists. The aim of this Council, which was founded in 2007, is to unify medical standards across Europe.

The UK, however, is currently in the process of implementing finding in The Keogh Report, which was an important document put together in 2013. The report details how cosmetic surgery should be regulated in the UK to ensure that practitioners are skilled. As we leave the EU and become less protected by EU law, it may be the case that the the UK will look at changing regulations more urgently. This could mean the end of high street botox and fillers, and an introduction to regulation that is UK specific and directs patients towards safer surgeons.

 

  1. Loss Of EU Nurses, Doctors And Surgeons

The sad truth of the matter is that Brexit might mean that thousands of medical professionals may need to leave the country. This will increase demand on those professionals who stay on Harley Street and will potentially boost business for Private Clinics and individuals who specialise in certain areas. It’s impossible to predict which areas of cosmetic procedures will be affected, but it’s likely that Brexit will result in surgeons returning to their homelands.

 

  1. British People May Have Less Surgery

BAAPS reports have shown that in 2016, around the time of the Brexit vote surgeons saw a dramatic decrease in procedures for rhinoplasty, breast augmentation and facelifts. BAAPs suggested that the likely cause is a ‘a climate of relentless, negative news and unrest in the world’.

If that’s anything to go by, there may be reason to believe that British people will have less surgery as a result of Brexit. However, we doubt there will be a decrease in procedures that take place for conditions such as lipoedema whereby the patient has probably been considering it for a long time and the outcome is not purely aesthetic.

 

  1. People May Travel To The UK To Have Surgery

If Brexit goes ahead in an unstable way, or with a no-deal Brexit as people are suggesting, then the exchange rate may fall and the economy may not be as stable. If Britain doesn’t lay down secure trade regulations then investment institutions and investors will be reluctant to plough money into the British economy.

Hence, those who are from Europe and the US may actually travel to the UK to use expert surgeons on Harley Street at a fraction of the price, due to the exchange rate.

As with anything Brexit-related, only time will tell and all predictions are just that - mere predictions. If you want to share your view, we’d love to hear from you. Tweet us using the handle @VaserDoc and let us know what you think!