“High inflation and increased staffing costs are leading to hotel stays becoming significantly more expensive across the UK. London, however, stands out as having some of the greatest rises in hotel costs, up by 20% since last year, while hotels elsewhere in the country show an average increase of just 5% on the previous year,” said Alec Smith, Benefits and Daily Rates Manager at ECA International.

Smith added, “As one of the busiest business hubs in the world, demand in London has recovered from the drop in travel seen during the Covid-19 pandemic, with a weakened pound making the UK attractive to international visitors. The drop in value of the pound against major currencies over the past year has led to all UK cities falling in our global rankings, despite some pronounced increases in costs in local currency terms.”

New York City is the most expensive city in the world for business travel, with daily costs of  £678, hotel costs are the main reason for New York’s place at the top of the global rankings, tipping Geneva into second place worldwide.

While Swiss hotel costs are similar to those in other large cities like London and Paris, the other business trip costs in Switzerland easily outstrip other major European cities – making Switzerland the most expensive country in Europe for business travel (Zurich fourth globally, and Bern 12^th)l. Businesses sending employees to Geneva will be set back £292 per day for meals, drinks, taxis and incidental costs, compared to only £128 in Lisbon or £148 in Madrid.