London is one of world's dearest cities: UBS

0 Comments | AFP, March, 2008

GENEVA (AFP) — Tourists coming to London will be visiting one of the world's most expensive cities, researchers from Swiss bank UBS said Tuesday.

Visitors will be forking out more money thanks to the strong pound.

A survey by economists at Swiss bank UBS lists Oslo, London and Copenhagen as the three most costly cities, while Dublin has crept ahead to fourth place.

By contrast, cities in the United States have become cheaper thanks to the weaker US dollar. New York now ranks at just number 18, after cities such as Tokyo, Brussels and Lyon.

"The US dollar's sharp depreciation has made New York a much more affordable place for European shoppers. London is now 26 percent more expensive," noted the researchers.

However, for residents, it is a...