Retirement: The most expensive countries to live in and retire in 2022 | Personal finance | Finance

While many perceive the UK as an expensive country to live in, it only comes in at 27th. Despite the cost of living crisis making many Britons miserable, countries like Australia, Ireland and France are more expensive according to the latest research.

Moving to another country is an attractive prospect for many, but it’s worth checking how much it’s going to cost before you book that flight.

Maxine, a 24-year-old student from Germany, told she was shocked to find her rent was four times higher in the UK and she had a much smaller living space.

She said: ‘It’s definitely more expensive in the UK.

“I live in a room with a shared bathroom – in Germany you could get a four bedroom apartment for the same price.”

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Further interest rate hikes are expected, the Deputy Governor of the Bank of England has warned.

Sir Jon Cunliffe said rate setters at the Central Bank would do “whatever is necessary” to stop the soaring cost of living.

Meanwhile, the bank’s chief economist, Huw Pill, said interest rates may need to rise at a faster pace to rein in “uncomfortably high” inflation.

If the Bank of England raises rates by half a point to 1.75% in August, from 1.25% in August, it would be the biggest hike by the Bank since its independence in 1997.