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London now cheaper than NY, Mayor Boris points out

PUBLISHED: 13:16 13 March 2009 | UPDATED: 14:11 05 October 2010

THE economic downturn has made London cheaper to live in than New York. Devaluation of the £ has contributed to the cost of living going down, latest figures have revealed. Now London Mayor Boris Johnson is launching a campaign to encourage overseas businesses to move here

By Maddalena Dottori

THE economic downturn has made London cheaper to live in than New York.

Devaluation of the £ has contributed to the cost of living going down, latest figures have revealed.

For the first time since 2002, living in London is cheaper than in New York.

Now London Mayor Boris Johnson is launching a campaign to encourage overseas businesses to move here. He hopes that the campaign will create job opportunities in London.

The favourable exchange rates for Sterling are expected to attract many businesses.

City Hall is offering support to foreign companies moving here. A programme of promotions has been planned to entice overseas businesses.


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