London, March 11 (IANS) The mayor of London Wednesday urged foreign businesses to relocate to the British capital, saying he will provide a year’s free office space and expert advice.
Boris Johnson’s offer came as the latest cost of living survey revealed London is cheaper to live in than New York City for the first time since 2002.

The mayor’s office said an action plan to encourage more overseas companies to locate in London includes an offer of up to 12 months of free office space and facilities, along with the use of a dedicated advisor to support firms through the process of establishing a London operation.

Johnson said, “My message to overseas businesses is loud and clear. You will not only receive the warmest of welcomes but we will do all we can to ensure you get off to a flying start in the capital and are successful.”

The mayor’s office said the British pound’s depreciation of 27 percent against the US dollar and 15 percent against the euro in the past seven months means foreign cash now goes further in London.

Think London, the foreign direct investment agency for the British capital, is next week hosting a high-profile delegation of around 40 Chinese business executives interested in relocating to London, Johnson’s office said.

It said 95 Chinese companies have engaged with Think London to explore setting up an office in the capital within the next two years following a road show in China.

“Building on the success of Road to London, Think London in the coming months will be rolling out a road show in North America to reach out to potential investors and showcase the investment opportunities in London, including the 2012 Olympic and Paralympic Games,” a spokeswoman said.