London has become one of the cheapest major European cities for overseas workers since the Brexit referendum, according to global mobility research firm ECA International.
As a result, of of the weakened pound since the leave vote, London has slipped from inside the top 50 global cities to 127th place, the company said in its latest cost of living report.
The report, which compares a basket of like-for-like consumer goods such as groceries, meats and vegetables, and essential household goods, said workers coming to London from the US would find the cost of living especially cheap. This is thanks to the strength of the US dollar in comparison to the post-referendum pound, it said.
According to the ECA, an average cup of medium cappuccino coffee costs $3.51 in London, while it is $4.08 in New York and $4.78 in Hong Kong.
ECA production manager Steven Kilfedder said the pound’s sharp fluctuations in value thanks to “political turmoil” may have impacted on the cost of living for those coming into the UK.
“Until a Brexit deal is made, we will not have a clear idea on what this will mean for the UK’s cost of living ranking against other major financial hubs,” he said.