London and Manchester move up rankings in global survey of most expensive cities
London and Manchester have climbed up the rankings in an annual global report into the most expensive cities to live in.
Rebounds in the strength of sterling have helped to push London and Manchester up by eight and five places respectively compared with last year in the Economist Intelligence Unit’s 2019 Worldwide Cost of Living Survey.
London now sits in joint 22nd place alongside Melbourne and Milan, with Manchester in joint 51st place with Adelaide, Lyon and Boston.
The study looked at the costs of products and services including food, drink, clothing, household supplies, personal care items, home rents, transport, utility bills, education and recreational activities in 133 cities around the world.
The survey is designed to help firms calculate cost of living allowances and build compensation packages for expatriates and business travellers.
Cities are compared with New York, which is used as a base city.
The report said London is still 14% cheaper than New York overall, despite rising in the rankings.
The Economist Intelligence Unit, a research body used by businesses and other organisations, said three places share the 2019 world’s most expensive city title – Singapore, Paris and Hong Kong.
At the other end of the spectrum, Caracas in Venezuela was ranked the cheapest city in the study at number 133.