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Expats in UK getting more bangs for buck due to sterling crash
| Published: | 11 Dec at 6 PM |
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The impact of the UK’s Brexit chaos on sterling as well as the cost of living has resulted in boom time for foreign professionals working in London as the shrinking pound continues to provide gains for expats paid in their local currencies.
Expatriate professionals living and working in the capital are getting an increased amount of bangs for their home currency bucks due to sterling’s continuing fall against a basket of other currencies. The current report from ECA International also notes British companies wishing to reassign workers to overseas locations will bear extra costs as a result. Even should sterling strengthen slightly due to decreased anxiety after tomorrow’s general election, the outlook isn’t optimistic due to the possibility of several years of further negotiation over the nuts and bolts of quitting the EU.
ECA’s current report places the UK at its lowest point ever in global rankings at 140th, but it’s not good news either for EU member state major cities. All are now outside the top 100 due to slow growth and a weakening euro, with Germany only just scraping clear of a recession. Munich, Berlin, The Hague, Rome and Lyon are now out of the top 100, with Dublin only avoiding relegation by a whisker with its 87th position.
London’s predicament may not be a point of concern for Brit expats heading to Europe for a stay, but companies sending employees to the USA won’t be overjoyed to find as many as 28 major cities now in the top 100 most costly world locations. Favourite Asian destinations such as Tokyo and Hong Kong aren’t bargain basement by a long way, and Hong Kong’s sixth most expensive world city tag isn't yet affected by the continuing protests.
Even Bangkok, known for years as an inexpensive location, is now considered expensive due to the soaring baht, having gained 75 places over the past two years. More surprisingly still, the northern Thai city of Chiang Mai has gained 56 places over the same time frame.
Expatriate professionals living and working in the capital are getting an increased amount of bangs for their home currency bucks due to sterling’s continuing fall against a basket of other currencies. The current report from ECA International also notes British companies wishing to reassign workers to overseas locations will bear extra costs as a result. Even should sterling strengthen slightly due to decreased anxiety after tomorrow’s general election, the outlook isn’t optimistic due to the possibility of several years of further negotiation over the nuts and bolts of quitting the EU.
ECA’s current report places the UK at its lowest point ever in global rankings at 140th, but it’s not good news either for EU member state major cities. All are now outside the top 100 due to slow growth and a weakening euro, with Germany only just scraping clear of a recession. Munich, Berlin, The Hague, Rome and Lyon are now out of the top 100, with Dublin only avoiding relegation by a whisker with its 87th position.
London’s predicament may not be a point of concern for Brit expats heading to Europe for a stay, but companies sending employees to the USA won’t be overjoyed to find as many as 28 major cities now in the top 100 most costly world locations. Favourite Asian destinations such as Tokyo and Hong Kong aren’t bargain basement by a long way, and Hong Kong’s sixth most expensive world city tag isn't yet affected by the continuing protests.
Even Bangkok, known for years as an inexpensive location, is now considered expensive due to the soaring baht, having gained 75 places over the past two years. More surprisingly still, the northern Thai city of Chiang Mai has gained 56 places over the same time frame.
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