Madeleine Pennell compares and contrasts the Oxfordshire town with the playground of the rich and famous

It is the so-called playground of the rich and famous. Europe's elite flock there to spend their millions in the casino - and now Britain's youngest Formula One driver has announced that he wants to live in Monaco, too. Jenson Button, 20, bought his house in Turnstone Green, Langford Village, Bicester, to be near the Silverstone motor racing circuit. But he has revealed that he plans to move to Monaco for financial reasons.

He will be in Monaco for the Grand Prix on June 4.

So, apart from the world-famous Grand Prix which races through its streets, and the tax advantages, what else does Monaco have that Bicester does not have?

Well, for one thing, it has 300 days of sunshine a year and an average temperature of 55C - although Bicester is not too far behind with an average of 49.5C. Monaco also has beaches (with imported sand) and a marina full of classy boats - part of the lure for Button who has said he wants to buy a yacht because he thinks they are "cool".

The Principality is a one square mile tax haven in the heart of the French Riviera. Steeped in history, it has winding cobblestone streets, towering cliffs and overlooks the azure waters of the Mediterranean.

But, these few qualities aside, Monaco has nothing to recommend it that Bicester cannot match.

Glamorous people have made their home in the Bicester area - such as Twiggy, who had a house in Chesterton in the 1980s, and Tim Henman, who hails from nearby Weston-on the Green.

For shopaholics there is Bicester Village, the glamourous discount outlet for designer shops which includes some of the top names in fashion. Its hostelries include the glamorous wine bar Scandals in Market Square and a no-nonsense greasy spoon - Reg's Cafe in Wesley Lane, where you would pay 50p for cup of coffee - far cheaper than the 2 you would have to stump up in Monaco.

It has to be admitted, though, that petrol in Monaco is 6 FF a litre - about 60p at current exchange rates. This will mean Button can fill up his Ferrari for 40 per cent less than at his local garage in Bicester.

A beer costs 50 FF, or 5, and a baguette will set you back 4 FF, or 40p.

As for eating out in style, Monaco only has one restaurant with three Michelin stars, the Louis XV in the Hotel de Paris. There is currently a special offer on there, which means you can get a three-course slap up meal for 50.

Bicester's Yin Hong Chinese restaurant, in Sheep Street, can offer you a three-course nosh-up for 16.95. Button currently lives in an executive home in Langford Village - Bicester's poshest estate - where a four-bedroom home would cost about 165,000.

This is much better value for money than Monaco, where a luxury two-bedroom apartment close to the harbour would cost seven million FF - 700,000.

They even have a dress code in Monaco. You can wear anything on the beach but you can't be bare-chested or barefoot around town.

A spokesman for the Monaco Tourist Office said: "Monaco represents glamour and sophistication, from the casino to the winding alleyways of the Old Town and the colourful tradition of the changing of the guard at the Palais du Prince."

But Bicester Mayor, James Ball, said: "He must get bored of the sunshine. All he is doing is is being a tax exile. Bicester is a growing town and there are lots of attractions for the young.

"It is near Silverstone and his motor racing company. I don't see why he should leave Bicester. It is a tough one to compare."

***MONACO AND BICESTER: HEAD TO HEAD***

MONACO

Leader: Prince Rainier

Tax rate: 0 per cent

Currency: French Franc

Price of a luxury apartment: From 700,000

A beer: 5

Baguette: 40p

Litre of petrol: 60p

Night in a top hotel: From 155 for a double room

BICESTER

Leader: Town Mayor James Ball

Tax rate: income tax of 40 per cent for Button

Currency: sterling

Price of a pad in Langford Village: From 160,000

A pint of beer: 2

Baguette: 39p in Tesco

Litre of petrol: 80p

Cost of double hotel room: 80