Let’s ignore the sub-prime mortgage market for a second. With the pound currently over the $2 mark, we’re all filthy rich and the Americans are all broke. Which means we’re all invading bargain-basement New York – bookings are up 20% on last year. Which means the “No vacancies” signs are going up all over Manhattan.

Which means perhaps it’s time to try one of America’s other cities. It would make a nice change.

BOSTON

65% off designer jeans and a night at the ballet for £15 Nearer than New York, Boston is a refined yet heavyweight shopping spot. Most of the posh shops – Chanel, Valentino, Marc Jacobs – are on Newbury Street, and more big names – Tiffany, Gucci and Jimmy Choo – headline at the Copley Place mall (www.shopcopleyplace.com), right next door. For £77 an hour, the personal shopper Ginger Burr (www.totalimageconsultants.com) will show you the bargains, which include Rock & Republic designer jeans from £78, compared to £229 at home.

But Bean Town isn’t just about shopping. The Boston Museum of Fine Arts (£8.15, www.mfa.org) offers free guided tours and the biggest collection of Monets outside Paris. And, if you’ve paid £10 to see the Louise Bourgeois exhibition at the Tate, you shouldn’t miss the artist’s show at Boston’s new Institute of Contemporary Arts (£5.75, www.icaboston.org).

Ticket prices for the Boston Symphony Orchestra (www.bso.org) start at just £14; and, while a stalls seat to see The Nutcracker at the Coliseum, in London, costs £60, you can see the Boston Ballet’s production for £15 (www.bostix.org).

Eat at: Neptune Oyster (63 Salem Street; www.neptuneoyster.com), which has lobster rolls for just £10.

Stay at: the swanky Fairmont Copley Plaza (www.fairmont.com/CopleyPlaza; doubles from £158) or the elegant Newbury Guest House (www.newburyguesthouse.com; doubles from £65).

WASHINGTON, DC

Bargain-basement guided tours and cut-price dining Washington is the Brussels of America – but, if you know the EU capital, you’ll also know that’s a compliment. Monuments such as the Lincoln Memorial, the National Mall and the Vietnam wall offer sober glimpses into the American soul. Since you’re loaded, hire a guide: in London, a four-hour private tour would set you back more than £200; here, it costs just £62 for two (www.washingtondctourguide.com).

But keep a little in reserve for the nightlife. They used to say DC stood for Deserted City, but these days it means Downtown Chic, after an explosion of bars, restaurants and brewpubs blew the tumbleweed out of Pennsylvania Avenue. Nowadays it’s known as the Penn Quarter, and it’s officially Dead Cool. The hippest, most grown-up new bar on the block is the Park at 14th (920 14th Street; www.theparkat14th.com), where the cocktails are named after First Ladies – I tried to find a comparison for their £6 Jackie O, but no bar in Britain yet serves a Cherie Blair.

Eat at: try Cafe Atlantico (405 8th Street; www.cafeatlantico.com; mains from £10), for Ferran Adria-inspired froth, or catch up on campaign gossip over red meat and liquor at the Old Ebbitt Grill (675 15th Street; www.ebbitt.com; mains from £6.70).

Stay at: the fabulous Hotel Monaco (www.monaco-dc.com), which has doubles from £90, or the impeccably stylish Mandarin Oriental (www.mandarin-oriental.com), where doubles start at a ridiculous £113 – nearly three times cheaper than a room at their London branch.

CHICAGO

Art-deco suites for £115 and a quarter off Jimmy Choos The Windy City may not match the Big Apple’s sophistication, but, as you ride in from O’Hare in your cut-price limo (£23.50; www.lasallelimo.com), Chicago’s art-deco skyline will blow you away. All the famous stores are here – a pair of Jimmy Choo slingbacks, going for £345 in Leeds, costs £270 here. And getting the blues is cheaper still: the best venues are Kingston Mines (2548 North Halsted Street; www.kingstonmines.com) and Blue Chicago (736 North Clark Street; www.bluechicago.com).

Eat at: Alinea (1723 North Halstead Street; www.alinea-restaurant.com), where the former French Laundry chef Grant Achatz’s 12-course tasting menu costs just £65. And don’t leave town without trying Chicago’s superb pizzas and hot dogs. The best pizzeria is Pizza Uno (29 East Ohio Street; www.unos.com); for dogs, head to Murphy’s Red Hots (1211 West Belmont Avenue). Ask the owner, Bill Murphy, to “drag your dog through the garden”. He’ll know what you mean.

Stay at: the Silversmith (www.silversmithchicagohotel.com), an art-deco tower where a suite costs just £115. Doubles at the Amalfi (www.amalfihotelchicago.com), Chicago’s hippest hotel, are £105.

MIAMI

Go topless for £25 and get 30% off diamonds at Tiffany In Europe, renting a convertible costs upwards of £100 a day. In Miami, the price is £25 (www.avis.com) – so indulge yourself. You’ll need the car to drive to Bal Harbour Shops (www.balharbourshops.com), once the world’s most expensive mall. Not any more. Persol sunglasses priced at £99 in Manchester cost £75 here; Tiffany diamond earrings that would cost £1,600 in London are 30% cheaper at £1,145.

So, you’ve got the car, the shades and the bling. Need a spa? Try the RitzCarlton South Beach (www.ritzcarlton.com), where a 90-minute Prada facial costs £132, then, feeling like a million dollars, head for the hottest club in town, which could be Studio A (60 North East 11th Street; www.studioamiami.com), SET (320 Lincoln Road; www.setmiami.com) or somewhere completely new. Since you’re rich and you look fabulous, you’ll get in anywhere. Finally, the average temperature in Miami this month is 23C. In New York, it’s 12C. Any questions?

Eat at: the El Bulli-inspired Karu&Y (71 North West 14th Street; www.karuy.com; mains from £15) or Nobu (1901 Collins Avenue; www.noburestaurants.com), where you should try the bargain £55 special menu, simply because it isn’t available in the London branches.

Stay at: Versace’s old house, Casa Casuarina (www.casacasuarina.com), where doubles start at £360. Perhaps the more tasteful option is the Standard (www.standardhotel.com), where stylish doubles start at a laughable £100.

— Airlines with good networks across the Atlantic include British Airways (0870 850 9850, www.ba.com); Virgin (0870 380 2007, www.virgin-atlantic.com); BMI (0870 607 0555, www.flybmi.com); and American (020 7365 0777, www.americanairlines.co.uk) Don’t forget the tax

— Clothing is tax-free in Boston (up to $175); other items incur 5% sales tax. Washington adds 5.75%, Miami 6% and Chicago 9%. Top deals include: Levi’s 501 jeans (UK price £60, US price about £17.50); iPod classic (£160/£123); Canon Eos 400D digital camera (£445/£330). Remember, though, that your duty-free purchases are limited to a total of £145. Bring back goods exceeding that value and you’re liable to pay duty of between 2% and 15%, as well as Vat at 17.5%. “There’s a red channel and a green channel,” says HM Revenue and Customs. “There’s no excuse for choosing the wrong one.”

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