London has slid to number 22 in the most expensive cities to live, thanks to a slide in the value of the pound.

The precipitous slide in the pound from the heady heights of $2.11 in November 2007 to $1.41 in January this year has triggered a sudden drop in the price of living in London, according to research by UBS, the investment bank. Oslo is now the world’s most expensive city, followed by Zurich, Copenhagen, Geneva, Tokyo and New York, the study found.

If the recent rebound in the value of sterling were to go on to reach $1.70, London would move back up the rankings to become the fifth dearest city.

The Times