A new survey has revealed that since the Brexit referendum London is now one of the cheapest major cities in Europe for overseas workers.
According to Global mobility expert ECA International’s annual cost of living survey, the cost of living in UK cities is far lower than many in Europe such as in France, Germany and Belgium. Those coming in from the US will also find the cost of living much cheaper in the UK thanks to the strength of the US dollar in comparison to the post-referendum pound.
Steven Kilfedder, Production Manager for ECA International, said: “The cost of living in the UK has dropped significantly for overseas workers and visitors since the referendum along with the value of the pound. With the UK’s leave date fast approaching, all that can be certain is there will be more fluctuation in inflation and exchange rates as the nature of future relationships becomes clearer.”
The UK has dropped 81 places since the Brexit referendum according to ECA’s Cost of Living report which compares a basket of like-for-like consumer goods such as groceries, meats and vegetables, and essential household goods.
While 24 European cities have dropped in the cost of living rankings, many European countries have maintained their position at the top end of the table. Switzerland is home to four of the top five most expensive cities in the world, while Norway also has two cities in the top ten – Oslo 9th and Stavanger 10th.
Perhaps surprisingly, Ashgabat in Turkmenistan was ranked the world’s most expensive city, while Hong Kong, Seoul in South Korean and Japan’s capital Tokyo were the other cities which placed in the top ten.
The cost of living for overseas workers in Australia and New Zealand has plummeted since 2017, with every Australasian location included in the survey dropping at least 20 places. Although cities in these countries are still more expensive than in the UK, the cost of living gap has narrowed in the past year. Sydney and Canberra both fell out of the top 50 and now sit in 70th and 85th respectively, whilst Adelaide was the city to fall the most places – going from the 64th most expensive location to 111th in the space of a year.
Four US cities have re-entered the Top 100 most expensive in the world, bringing it up to 17 cities in total. Miami, New Jersey, Baltimore and St Louis have jumped by 26 places on average. The cost of living in countries pegged to the USD, such as Hong Kong and some Middle Eastern countries, has also increased due to the strength of the US Dollar.
Article published 19th December 2018