Sun, Mar 26, 2017 | updated 06:54 AM IST

London 'cheaper than New York' following pound's Brexit plunge

Updated: Mar 21, 2017 17:39 IST

London [U.K.], Mar. 21 (ANI): With the Brexit-inspired 15 percent fall in the value of sterling since the EU referendum last year, London has become one of the cheapest of the world's major global centres.

The city's cost of living has fallen behind that of New York, Paris and Tokyo to its lowest level for two decades, reports The Guardian.

London's tumble down the Economist Intelligence Unit (EIU) world rankings has made prices in London much cheaper for foreign visitors, although not for local residents who earn their incomes in sterling.

"While the declines mean that British cities are cheaper compared to their international peers, the rise in import prices caused by the weak pound will mean that locals won't see their own shopping baskets falling in price. In fact, the opposite is likely to be true and, while U.K. cities fell down the ranking local prices for the basket of goods surveyed have begun to creep back up," the EIU said.

The world's most expensive city is Singapore, where average prices are 20 percent higher than in New York and one-third more than in London.

Sydney, Melbourne, Auckland and Wellington feature in the world's top 20 most expensive cities and each of them are pricier than London.

Almaty in Kazakhstan has been recognised as the cheapest city in the world, despite the galloping inflation in the country.

The EIU compares more than 400 individual prices across 160 products and services, including food, drink, clothing, rents, transport and utility bills. Prices are converted into US dollars, with each city ranked above or below New York. (ANI)

London [U.K.], Mar. 26: The U.S. military conducted airstrikes at a location in western Mosul more than a week ago where there were allegations of civilian casualties, U.S. Central Command has said.

Full Story >>

Washington D.C. [U.S.A.], Mar. 26 (ANI): The North Atlantic Treaty Organisation (NATO) has rescheduled its upcoming foreign-ministers meeting to accommodate Secretary of State Rex Tillerson after he expressed his inability to attend on the original April 5 date, as reported by The Washington Post.

Full Story >>

Islamabad [Pakistan], Mar. 26 (ANI): The Pakistan Government has given its green signal for retired Gen. Raheel Sharif to take charge as head of a 39-nation military alliance of Muslim states.

Full Story >>

Kabul [Afghanistan], Mar. 26 (ANI): Kandahar Governor Humayun Azizi, who recently returned home after treatment of his injuries that he sustained in an attack at a guesthouse in the province, has claimed the aforementioned attack was plotted by the Taliban on the other side of the Durand Line, the de facto border between Afghanistan and Pakistan.

Full Story >>

Washington D. C. [USA], Mar. 25 (ANI): U.S. President Donald Trump invited several decorated veterans to the White House on Friday to celebrate Medal of Honor Day.

Full Story >>

London [UK], Mar. 25 (ANI): Thousands of Brexit protestors gathered for Saturday's Unite for Europe protest, which began at London's exclusive Park Lane next to Hyde Park before marching to parliament.

Full Story >>

Dhaka [Bangladesh], Mar. 25 (ANI): At least two people were killed and 28 others including two policemen and a journalist injured in blasts outside a suspected militant den in Shibbari area of Sylhet city on Saturday evening.

Full Story >>

Islamabad [Pakistan], Mar. 25 (ANI): Pakistan Chief of Army Staff (COAS) General Qamar Javed Bajwa on Saturday said that fencing on the Pak-Afghan border has commenced.

Full Story >>

Guangzhou [China], Mar. 25 (ANI): As many as nine people were killed and two others injured after an operation platform collapsed at a power plant in south China's Guangdong Province on Saturday.

Full Story >>

Islamabad [Pakistan], Mar. 25 (ANI): A new government report obtained by the Pakistani media has revealed that the major source of funding for terror and extremist groups in the country is crime including extortion, smuggling and kidnapping for ransom.

Full Story >>

Islamabad [Pakistan], Mar. 25 (ANI): The Pakistan Government has given its approval to former chief of army staff general (Retd) Raheel Sharif to lead a 39-nation alliance of Muslim states led by Saudi Arabia by providing him with a No-Objection Certificate (NOC).

Full Story >>

Islamabad [Pakistan], Mar. 25 (ANI): Pakistan Tehreek-i-Insaf (PTI) chairman Imran Khan has said that his party will use "street power" to block the next general elections if they are announced without electoral reforms.

Full Story >>

Moscow [Russia], Mar. 25 (ANI): Russian Prime Minister Dmitry Medvedev during his meeting with visiting Sri Lankan President Maithripala Sirisenav assured that Moscow will provide more benefits of bilateral economic relations to Colombo.

Full Story >>

Washington D.C. [United States], Mar. 25 (ANI): Independent senator Bernie Sanders has blamed the Democrats for killing the American Health Care Act (AHCA) after it was withdrawn from the House without a vote.

Full Story >>

Guangzhou, [China], Mar. 25 (ANI): At least nine people were killed and two others sustained injuries after an operation platform collapsed at a power plant in south China's Guangdong Province on Saturday.

Full Story >>

New York [U.S.], Mar. 25 (ANI): After facing major embarrassment by having to pull the heath care bill, it has emerged that President Donald Trump is upset with his son-in-law and senior adviser Jared Kushner for being notably absent during the crucial week.

Full Story >>

Beijing [China], Mar. 25 (ANI): Beijing has said the China-Pakistan Economic Corridor (CPEC) is a new cooperation framework set up to pursue long-term development of the region.

Full Story >>

Islamabad [Pakistan], Mar. 25 (ANI): Pakistan has expressed hope that Afghanistan will work through the agreed mechanism for preventing cross-border terrorism and enhancing bilateral interaction in different areas.

Full Story >>

London [U.K.], Mar. 25 (ANI): A motion was passed in the British Parliament condemning Islamabad's announcement declaring Gilgit-Baltistan as its fifth frontier, saying the region is a legal and constitutional part of Jammu and Kashmir illegally occupied by Pakistan since 1947.

Full Story >>

New York [U.S.], Mar. 25 (ANI): National Security Advisor Ajit Doval met United States Defense Secretary Jim Mattis at the Pentagon to discuss the importance of the U.S.-India relationship and the role of both nations in cooperating to uphold international laws and principles.

Full Story >>