The economy of the United Kingdom is that of a major developed capitalist economy. The United Kingdom is one of the world's most globalised countries. The British economy is made up of the economies of England, Scotland, Wales and Northern Ireland. In 1973, the UK acceded to the European Economic Community which is now known as the European Union after the ratification of the Treaty of Maastricht in 1993. The UK economy had been one of the strongest EU economies in terms of inflation, interest rates and unemployment, all of which remained relatively low until the 2008-09 recession, when unemployment rose dramatically, and interest rates fell to 0.5%.
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. Glasgow is one of Europe's top twenty financial centres and is home to many of Scotland's leading businesses. Whilst manufacturing has declined, Glasgow's economy has seen significant relative growth of tertiary sector industries such as financial and business services, communications, biosciences, creative industries, healthcare, higher education, retail and tourism.
Glasgow has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.
The latest cost of living rank for each of the 13 Basket Groups is now available.