UK drops 81 places in the Cost of Living ranking since Brexit Referendum

Jan

08

Cost of Living Report

According to the Global Mobility Expert, ECA International’s Cost of Living Report, the UK has dropped 81 places since the Brexit referendum and remains cheap for overseas businesses ahead of Brexit.

The ECA Cost of Living Report compares a basket of consumer goods including household essentials and groceries across hundreds of locations worldwide and enables international companies to ensure employees’ spending power is maintained when on international assignments.

The UK has become one of the cheaper countries in Europe for international employees and visitors due to the post-referendum weakening of the Pound. Countries such as France, Germany and Belgium are now ranking as more expensive than the UK in the Cost of Living Survey. Until a Brexit deal is made, the future of the UK’s cost of living ranking will remain unclear.

New Zealand and Australia Living Costs have dropped

Interestingly the report also shows that cost of living has reduced for overseas workers in New Zealand and Australia, with every Australasian-surveyed location dropping several places in the rankings. The major cities in these countries remain more expensive than the UK, but the cost of living gap has certainly reduced in the past year.

Switzerland Still has most Expensive Cities

When it comes to the most expensive cities in the world, Switzerland is leading the way, with four of its cities (Geneva, Zurich, Basel and Bern) all ranking within the top five for cost of living. This is due to a strong currency and goods such as the price of food being very high for foreigners. High salaries in Switzerland do mean that locals and working expats are still well-off compared to their European neighbours.

ECA International’s cost of living surveys are carried out in March and September using a basket of day-to-day goods and services commonly purchased by assignees. The data used above refers to year-on-year movements between ECA’s September 2013 and March 2018 surveys. ECA’s Cost of Living Survey rankings began in 2005. Click here for more survey highlights.

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Trudi Hayes

The Author

Trudi Hayes

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