London and Manchester fall down cost of living rankings because of Brexit

Eyeing a move to Britain? London has fallen 18 places down the Economist Intelligence Unit’s Worldwide Cost of Living index. The 2017 report shows the UK capital at its lowest position in two decades, to now rank 24th – and Brexit is seen as the cause.

It’s a seismic and symbolic difference; 20 years ago the nation was entering a new era through Blair and Britpop (make of that what you will). Manchester showed an even bigger fall in its cost of living –  the biggest registered in the report – of 25 places to 51st. This may or may not influence foreign players mulling over a Premier League move (the city’s rain might be more a decisive factor).

Singapore meanwhile remains the most expensive city of the 133 measured worldwide by the EIU survey. This makes it marginally more expensive than regional rival Hong Kong and a whopping 20% pricier than New York.

The little red dot and Hong Kong are joined by other Asian cities in the top 10, with Tokyo and Osaka moving up because of the yen, and Seoul continuing to climb the rankings. Incredibly, the Korean metropolis was ranked 50th for Cost of Living just seven years ago:

However, the report also showed that not all Asian cities suffered the same fate. Five cities in China – Beijing, Suzhou, Guangzhou, Tianjin and Dalian – were among the leading ten cities with the biggest fall in ranking over the past 12 months.

As for the opposite end of the scale, Kazakhstan’s Almaty is the cheapest city in the world. The bottom 10 in cost of living includes four cities in India: Bangalore, Chennai, Mumbai and New Delhi.

While several of these inexpensive locations are also popular expat destinations, for example Mumbai, the EIU glumly notes that “cheaper cities tend also to be less liveable”.  Statistically speaking, that may well be true, but not all situations are equal. Mumbai is known for its inequality gap – it’s very liveable for some.

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