21 July, 2017
The results of the global cost of living analysis from ECA are in, and the cost of living in some UK cities has dropped a great deal. Central London is at its lowest ranking ever.
The cost of living survey compares a number of like-for-like consumer goods and services commonly purchased by international assignees in over 460 locations worldwide to provide a relative comparison on the cost of living. The survey allows businesses to ensure that their employees’ spending power is maintained when they are sent on international assignments.
UK cities have dropped as much as 68 places from last year in the latest cost of living survey thanks to the weakened British pound. The weakened pound means that UK business are paying more to send staff to work overseas, but it is cheaper to bring staff to the UK. Highlights of the UK’s rankings include Edinburgh which has fallen to 165th, Cardiff is now ranked at 75th and Belfast has dropped to 186thout of over 460 locations worldwide.
UK locations have seen the most dramatic decline in Europe this year and the fifth largest decline worldwide. All ranked UK cities have dropped below Paris, Berlin and Brussels in the cost of living survey.