London drops out of most expensive cities list

UK cities are at their cheapest level for foreign tourists in decades, thanks to the slump in the value of the pound amid Brexit uncertainty, writes Ben Ireland.

London has slumped from being the world’s sixth most expensive city to 24th place – its cheapest in 20 years.

Singapore remains top with Asian cities now accounting for five of the six most expensive cities in the world.

New York was the sole North American city among the 10 most expensive.

The findings appear in a new worldwide cost of living survey produced by The Economist Intelligence Unit, which assessed the cost of a basket of more than 150 goods across 133 cities.

London is now 17% cheaper than Paris and the cost of living is on a par with that of Dublin.

London is also cheaper to live in than New York, for the first time in 15 years.

Manchester fell by 25 places to 51st, marking the steepest decline of any city surveyed this year. The cost of living in the city is on a par with that of Bangkok.

Jon Copestake, editor of the survey, said: “With UK cities slipping down the ranking and Asian cities rising, we now see only four European cities among the 10 most expensive.

“This is a significant change from 10 years ago, when European cities made up eight of the top 10 most expensive.”