London the Most Expensive Place to Party on New Year’s Eve

London has come out as the most expensive place to party on New Year’s Eve in a new study that compares popular cities around the world.

The poll revealed that almost a quarter of Brits prefer to celebrate the night abroad in order to party harder for their budget, with a night out in the capital potentially seeing Brits spend around £340 per person for just one night out. With a bottle of Champagne in a smart bar costing around £285 and a pint costing £3.79, a night out in the party capital costs almost 190 per cent more than in other European city destinations.

But Brits are prepared to travel just over six hours to avoid the cost of a night out in London, with European cities particularly popular for those on a budget. To help Brits choose where to spend their New Year, Travelex has calculated the average price of a night out, taking into consideration price of a pint of beer, a bottle of champagne, fireworks and an evening meal in order to reveal some of the best places overseas to welcome in the New Year without breaking the bank.

Along with popular European cities the specialist FX provider has advised that Brits should consider making a short hop across the pond to the Canadian city Toronto, which according to research from Travelex provides great value for a good night out. With a spectacular fireworks display in the centre of the city (Nathan Phillips Square) and the cost of a meal 37 per cent cheaper than one in London, it should be considered as a great New Year alternative for people looking for an alternative way to see in 2015. 

More than 30 per cent of people asked wanted to spend their New Year in New York, the research found, with a great party atmosphere in Times Square and a meal for two in the big apple available for £60. But for those wanting to stay closer to home, Paris offered a more affordable venue than London with a night out costing £245 and champagne costing 38 per cent less than in the English capital. Popular eastern European cities such as Budapest and Prague are also great for making your Pound stretch further. With the Pound up by seven per cent in Hungary and six per cent in the Czech Republic compared to this time last year, Brits can expect to receive 930CZK (£29) and 17,500HUF (£50) for every £500 exchanged – that’s enough to buy 25 extra pints to guzzle down in Prague and 40 in Budapest.

David Swann from Travelex comments: “The Pound is providing good value for Brits who want to enjoy a New Year overseas. Despite Brits being put-out by the price of celebrating in the UK, it’s great to see from our research that the price of key items such as beer and champagne are cheaper overseas”.

The results revealed by Travelex come as London Mayor Boris Johnson recently confirmed the famous Thames fireworks will have an entry cost of £10 for the first time ever. – Only half the number of attendees from previous years will be let in – meaning many families won’t be able to enjoy the traditional celebration, which was previously free.

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