Italy is way cheaper than london imo. Just don't eat in the tourist parts. A good coffee, cappuccino was about 1.50 euros where the locals drank but 5 euros in the main squares. When i went to rome i was getting 2 course meals and a jug of house wine for 10 - 12 euros.
Italian food is supposed to be great. They really know how to enjoy food.
The British. Well. Did I mention Italian food is meant to be great?