Welcome to the second of our four London Microguides. This week, we invite you to defy the current economic gloom and make the most of the scores of great-value, cheap and free deals, days out and destinations that London has to offer.

Yes, this is the second most expensive city in the world (after Moscow), but many of our world-class museum and gallery collections are free, and it’s still possible to get great clothes, go clubbing and eat well at rock-bottom prices. As with our first Microguide, this is the product of hundreds of personal recommendations. You may disagree with us. All comments are welcome via the Times Microguides website, or by e-mail to: cheaplondon@thetimes.co.uk.

With satellite navigation and mobile internet in mind, we have included full postcodes of our destinations where possible. We hope you find them a useful aid.

THE FAMOUS FIVE

We Londoners moan incessantly about the cost of living here, yet how many of us ever make the most of the world-class diversions on our doorstep – many of them free of charge?

If you’ve ever been to a foreign city you will know that the admission prices to museums and galleries soon mount up. In London, five of the world’s finest museums open their doors every day to let people in for nothing. So, if the British Museum (above), London’s most visited attraction, doesn’t appeal, a stroll down Cromwell Road may do the trick. The Victoria and Albert Museum has the largest collection of Italian Renaissance sculpture outside Italy. The Natural History Museum is a delight for dinosaur lovers of all ages. And the Science Museum is heaven for lovers of machinery and children who can’t stop pushing buttons.

A 20-minute hop on the Tube away is the Imperial War Museum, currently hosting For Your Eyes Only, its Ian Fleming/James Bond exhibition, for which an admission fee is payable. The rest of the museum, however, is free. It has tanks and fighter planes to ogle, and the coffee shop is a decent place for a quick bite.