Besides the stock markets and big business houses, another trade has been hit by the credit crunch - the cosmetic surgery industry.
Hard up cosmetic surgeons are feeling the pinch as wealthy British ladies have decided not to spend money on surgery because of the credit crunch.
Top surgeon Anthony Erian confirmed that cosmetic surgery clinics had become the latest victims of recession.
He said one private hospital had closed and demand for cosmetic surgery had halved, reports the Sun.
"People who don't need cosmetic surgery are saying that cosmetic surgery is a luxury they cannot afford at the moment - just like they might decide not to go on holiday," said Erian, a plastic surgeon for 29 years.
"I would say there is a downturn of 50 per cent across the board. They're having the same problem in America. Who would have thought that American plastic surgeons would be looking for work in Dubai and the UK - but they are," the expert added.
He added: "I don't think the industry will die. There will always be a demand. It's a matter of riding out the storm."