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Expats in UK living more cheaply due to Brexit
| Published: | 31 Dec at 6 PM |
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According to a new study, expatriates living and working in the UK are getting more for their money due to Brexit.
London is now one of Europe’s cheapest capital cities for expats receiving their pay in euros, due to the Brexit effect on the value of the pound sterling. It’s also a bargain destination for tourists. Formerly, London’s bad reputation for being one of the costliest world capitals for relocating expats caused international corporations to calculate carefully before deciding on reassignments from outside the UK, especially as the capital’s cost of living was rising fast even before the Brexit referendum.
Hong Kong, Tokyo and Zurich still hold their positions as the world’s most expensive locations for expatriate professionals but, since the referendum result was announced,, the UK itself has fallen some 81 places in the table of 479 of the world’s major cities according to a recent ECA Cost of Living survey. The survey calculates the cost of a ‘basket’ of necessities including essential household goods, supermarket shopping and the price of vegetables and meats, giving a clear, exact impression of the true cost of day-to-day life in each location. As such, it’s widely used by multinational companies to calculate salaries for expats on reassignment to a vast number of worldwide destinations.
According to the survey’s production manager Steven Kilfedder, for workers from overseas as well as for tourists, London and the UK’s significant fall is good news and is likely to continue, whatever Brexit option becomes the final result. He’s expecting even more fluctuation in exchange rates as the uncertainty increases and the nature of the UK’s future relationships with the European Union becomes better defined.
London is now one of Europe’s cheapest capital cities for expats receiving their pay in euros, due to the Brexit effect on the value of the pound sterling. It’s also a bargain destination for tourists. Formerly, London’s bad reputation for being one of the costliest world capitals for relocating expats caused international corporations to calculate carefully before deciding on reassignments from outside the UK, especially as the capital’s cost of living was rising fast even before the Brexit referendum.
Hong Kong, Tokyo and Zurich still hold their positions as the world’s most expensive locations for expatriate professionals but, since the referendum result was announced,, the UK itself has fallen some 81 places in the table of 479 of the world’s major cities according to a recent ECA Cost of Living survey. The survey calculates the cost of a ‘basket’ of necessities including essential household goods, supermarket shopping and the price of vegetables and meats, giving a clear, exact impression of the true cost of day-to-day life in each location. As such, it’s widely used by multinational companies to calculate salaries for expats on reassignment to a vast number of worldwide destinations.
According to the survey’s production manager Steven Kilfedder, for workers from overseas as well as for tourists, London and the UK’s significant fall is good news and is likely to continue, whatever Brexit option becomes the final result. He’s expecting even more fluctuation in exchange rates as the uncertainty increases and the nature of the UK’s future relationships with the European Union becomes better defined.
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