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UK now cheaper for expats due to Brexit effect on sterling
| Published: | 19 Dec at 6 PM |
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A recently released new survey has revealed the UK is now one of Europe’s cheapest countries for expat workers.
Expat professionals living and working in London have seen a welcome drop in the capital’s cost of living due to Brexit, with the city dropping 81 places to 127th in the latest worldwide cost of living survey. Formerly one of the world’s most expensive destinations for expatriates, London is expected to drop still further in the rankings after 29 March next year. Visitors and incoming workers from Europe will now find prices are far lower than in the majority of major European cities, and those arriving from the USA will pay less for everything due to a combination of Brexit’s effect on sterling and the stronger US dollar.
ECA’s Cost of Living survey compares prices for essential consumer purchases bought by international assignees in 479 worldwide locations. Multinationals use the result to calculate salaries and perks for employees sent on international reassignments, thus ensuring expats’ spending power isn’t compromised by currency movements or political uncertainty. In the USA, prices vary considerably between states and major cities, mostly dependent on the strong dollar and economic stability. At the same time, British expats in Australia and New Zealand are continuing to get more bang for their bucks as overseas workers’ costs of living have been falling for over a year.
At the present moment, the cost of living in the Gulf States, and especially in Dubai and Abu Dhabi has continued to increase due to the introduction of a 5 per cent VAT surcharge. The UAE’s currency is pegged to the, at present, strong US dollar, and the emirates’ cost of living isn’t expected to fall any time soon. Switzerland still holds its position as the most expensive country on the planet for relocating expats, with all four major cities now listed as having the highest costs of living.
Expat professionals living and working in London have seen a welcome drop in the capital’s cost of living due to Brexit, with the city dropping 81 places to 127th in the latest worldwide cost of living survey. Formerly one of the world’s most expensive destinations for expatriates, London is expected to drop still further in the rankings after 29 March next year. Visitors and incoming workers from Europe will now find prices are far lower than in the majority of major European cities, and those arriving from the USA will pay less for everything due to a combination of Brexit’s effect on sterling and the stronger US dollar.
ECA’s Cost of Living survey compares prices for essential consumer purchases bought by international assignees in 479 worldwide locations. Multinationals use the result to calculate salaries and perks for employees sent on international reassignments, thus ensuring expats’ spending power isn’t compromised by currency movements or political uncertainty. In the USA, prices vary considerably between states and major cities, mostly dependent on the strong dollar and economic stability. At the same time, British expats in Australia and New Zealand are continuing to get more bang for their bucks as overseas workers’ costs of living have been falling for over a year.
At the present moment, the cost of living in the Gulf States, and especially in Dubai and Abu Dhabi has continued to increase due to the introduction of a 5 per cent VAT surcharge. The UAE’s currency is pegged to the, at present, strong US dollar, and the emirates’ cost of living isn’t expected to fall any time soon. Switzerland still holds its position as the most expensive country on the planet for relocating expats, with all four major cities now listed as having the highest costs of living.
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