Has Brexit made London a cheaper place to live and work in?

Evening Standard thinks so. I disagree. The ES article is here.

Essentially their argument is that because the referendum result signalled that Brexit would happen decimated the pound, London is now and awesomely cheap place to live and work in. Er… if you are paid in US dollars that is. The average Londoner is not paid in US dollars but in sterling. The threat of Brexit has caused a rise in inflation and uncertainty about jobs. For the average Londoner, London is more expensive to live and work in and Brexit has not even happened. This is a point worth clarifying: A decision that sometime in the future we might leave the EU is not Brexit. Actually leaving the EU is Brexit. You can’t look around and conclude that Brexit has happened and that the economy has not been destroyed – because Brexit is still to happen! That would be like observing someone who has decided to drive his car off a cliff but has not actually done it and concluding that driving off a cliff is not that bad as if it is, how come the car is intact? Er… that’s because it has not happened yet. Let’s wait until the decision is carried out before we decide what is good or bad.

Catchy headline for Evening Standard but dead wrong. It’s the kind of #fakenews that we see everywhere. The important thing is to answer the question: why would they print such a #fakenews headline? I will let you do that for yourself.

So to conclude: London is not cheaper to live and work in for the average Londoner after the referendum.


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