Data specialist ECA International (ECA) has revealed that the weakened Pound post-referendum has made UK one of cheapest countries in Europe for international employees and travellers.
The firm’s latest report detailed that the UK has dropped 81 places in its Cost of Living ranking since the Brexit referendum.
According to this data, London is now also one of the cheapest major cities in Europe for overseas workers, currently ranking 127th.
ECA’s Cost of Living report compares a basket of like-for-like consumer goods such as groceries, meats and vegetables, and essential household goods. The report analyses a basket of goods and services commonly purchased by international assignees in 479 locations worldwide.
The survey is aimed at allowing businesses to ensure that their employees’ spending power is maintained when they are sent on international assignments.
Steven Kilfedder, production manager for ECA International, said: “The cost of living in the UK has dropped significantly for overseas workers and visitors since the referendum along with the value of the pound. With the UK’s leave date fast approaching, all that can be certain is there will be more fluctuation in inflation and exchange rates as the nature of future relationships becomes clearer.”
“Just last month the GB pound dropped to a 20-month low then rose again by the end of the week thanks to political turmoil, demonstrating the economic rollercoaster that the UK is facing right now.
“Fluctuating exchange rates can have a huge impact on the cost of living for international assignees depending on how they are paid. Companies should have plans in place for countries going through a turbulent period to ensure their staff are not affected. 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.”