Christmas shopping in London as prices are cut to kickstart economy

The first Telegraph shopping event took place 19 years ago Photo: EPA

The capital has fallen from the second most expensive city in the world in 2007 to 20th this year, with retailers cutting prices in an attempt to kickstart consumer spending.
The value of sterling has fallen by 25 per cent in the last 12 months, bringing it close to parity with the Euro.
In the last 12 months, the average price of a Nintendo Wii has fallen from £179.99 to £166.65, a cup of coffee has dropped from £1.83 to £1.63, while a litre of milk fell from £1.03 to 86 pence.
The PriceRunner International Price Comparison report studied 26 products in 33 different countries across the world.
It showed that Oslo was the most expensive city – for the third year running – with a can of Coke costing £1.37 and a litre of milk £1.47.
Dublin remained in the top 10 most expensive cities while Mumbai was the cheapest of all 33 countries.
The study found that products being sold in the Indian commercial centre are around 30 per cent cheaper than the average cost of global goods.
In Mumbai, a bus ticket costs four pence, in London a traveller will be charged £2, while in Oslo the cost is £2.68, the report found.
A cinema ticket in Mumbai costs £2.42, compared to £8.88 in London and £10.54 in Oslo.
Marc Thomas, from PriceRunner, said: “London, New York and Paris are often held up as cities with a very high cost of living.
“While Paris is still the fourth most expensive place on the planet, New York is now the fourth cheapest – and remarkably, even prices in London have dropped below the global average.
“London is now significantly cheaper than many competitive destinations, including Paris, Dublin, Amsterdam and Berlin.”
The report also found that cities such as Moscow, Istanbul and Amsterdam were all more expensive than London.
A spokesman for VisitBritain said: “This report confirms Britain as a value for money destination especially in the run in to Christmas.
“The global economic climate means that people are watching their wallets before deciding how they spend their money.
“While Britain remains among the world's leading destinations, we want to make sure that visitors are aware of the surprising experiences they have yet to enjoy and the great exchange rates they can get if they travel right now.”
In 2008, 14.79 million people visited London and spent an average of £89.80 a day.
The VisitBritain spokesman added: “The report confirms that visitors’ money is now going further with great deals on getting here and getting around, as well as places to stay and go, to eat out and shop.
“With offers this good, they can stay longer and enjoy that much more.”
Most expensive:
1) Oslo, Norway
2) Copenhagen, Denmark
3) Sao Paulo, Brasil
4) Paris, France
5) Reykjavik, Iceland
6) Stockholm, Sweden
7) Helsinki, Finland
8) Dublin, Ireland
9) Sydney, Australia
10) Rome, Italy
11) Tokyo, Japan
12) Amsterdam, Netherlands
13) Vienna, Austria
14) Brussels, Belgium
15) Berlin, Germany
16) Cape Town, South Africa
17) Moscow, Russia
18) Istanbul, Turkey
20) Lisbon, Portugal
20) London, England