What is the currency of England 2018?
Banknotes of the pound sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling (symbol: £; ISO 4217 currency code GBP [Great Britain pound]).
Aftermath of the 2016 United Kingdom European Union membership referendum
On the morning of 24 June, the pound sterling fell to its lowest level against the US dollar since 1985. The drop over the day was 8% – the biggest one-day fall in the pound since the introduction of floating exchange rates following the collapse of the Bretton Woods system in 1971. The pound remained low, and on 8 July became the worst performing major currency of the year, although the pound's trade-weighted index is only back at levels seen in the period 2008–2013. It was expected that the weaker pound would also benefit aerospace and defence firms, pharmaceutical companies, and professional services companies; the share prices of these companies were boosted after the EU referendum.
Pound sterling
On 1 January 2008, with the Republic of Cyprus switching its currency from the Cypriot pound to the euro, the British sovereign bases on Cyprus (Akrotiri and Dhekelia) followed suit, making the Sovereign Base Areas the only territory under British sovereignty to officially use the euro.
Penny (British decimal coin)
The British decimal one penny (1p) coin, usually simply known as a penny, is a unit of currency equaling one one-hundredth of a pound sterling. The penny’s symbol is p. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction on 15 February 1971, the day British currency was decimalised. Four different portraits of the Queen have been used on the coin, with the latest design by Jody Clark being introduced in 2015. The second and current reverse, featuring a segment of the Royal Shield, was introduced in 2008.
Euro
The euro is the second-most widely held reserve currency after the U.S. dollar. After its introduction on 4 January 1999 its exchange rate against the other major currencies fell reaching its lowest exchange rates in 2000 (3 May vs Pound sterling, 25 October vs the U.S. dollar, 26 October vs Japanese yen). Afterwards it regained and its exchange rate reached its historical highest point in 2008 (15 July vs U.S. dollar, 23 July vs Japanese yen, 29 December vs Pound sterling). With the advent of the global financial crisis the euro initially fell, to regain later. Despite pressure due to the European sovereign-debt crisis the euro remained stable. In November 2011 the euro's exchange rate index – measured against currencies of the bloc's major trading partners – was trading almost two percent higher on the year, approximately at the same level as it was before the crisis kicked off in 2007.The formal titles of the currency are "euro" for the major unit and "cent" for the minor (one-hundredth) unit and for official use in most eurozone languages; according to the ECB, all languages should use the same spelling for the nominative singular. This may contradict normal rules for word formation in some languages, e.g., those in which there is no "eu" diphthong. Bulgaria has negotiated an exception; "euro" in the Bulgarian Cyrillic alphabet is spelled as eвро ("evro") and not eуро ("euro") in all official documents. In the Greek script the term ευρώ (evró) is used; the Greek "cent" coins are denominated in λεπτό/ά (leptó/á). Official practice for English-language EU legislation is to use the words euro and cent as both singular and plural, although the European Commission's Directorate-General for Translation states that the plural forms "euros" and "cents" should be used in English.
Pro-Euro Conservative Party
The party said it was "based on traditional Conservative values", and they self-defined as "One Nation Conservatives". The main aim of the party was for the United Kingdom to join the euro, also known as "the single currency", for economic reasons. At the time the British pound was strong against the euro, which had dropped in value to be equal to the US dollar, and the then-Governor of the Bank of England Eddie George said that it would be "an act of faith" for Britain to join the Eurozone.
Sovereign (British coin)
The sovereign is a gold coin of the United Kingdom, with a nominal value of one pound sterling. Struck from 1817 until the present time, it was originally a circulating coin accepted in Britain and elsewhere in the world; it is now a bullion coin and is sometimes mounted in jewellery. In most recent years, it has borne the well-known design of Saint George and the Dragon on the reverse—the initials () of the designer, Benedetto Pistrucci, may be seen to the right of the date.
Number sign
In the United Kingdom and Ireland, it is generally called a hash (probably ultimately from "hatch", referring to cross-hatching, although the exact derivation is disputed). It is not used to denote pounds, either as weight ("lb" or "lbs" is used for this) or currency (pounds sterling, for which "£" is used). It is not called the "pound sign"; that term is understood to mean the currency symbol "£" for pound sterling or (formerly) Irish pound.
Pound sterling
Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, and the euro. Together with those two currencies and the Chinese yuan it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is also the third most-held reserve currency in global reserves (about 4%).
Coins of the pound sterling
The other British overseas territories do not use the pound as their official currency.
The Open Championship
The purse at the 2018 Open Championship was US$10.5 million. Up until 2016, the purse was always stated, and paid, in pounds sterling (£), but was changed in 2017 to US dollars ($) in recognition of the fact that it is the most widely adopted currency for prize money in golf.
Maltese lira
The lira (, plural: liri, ISO 4217 code : "MTL") was the currency of Malta from 1825 until 31 December 2007. The lira was abbreviated as Lm, although the traditional ₤ sign was often used locally. In English, the currency was still frequently called the "pound" because of the past usage of British currency on the islands.
Brexit
In October 1990, under pressure from senior ministers and despite Margaret Thatcher's deep reservations, the United Kingdom joined the European Exchange Rate Mechanism (ERM), with the pound sterling pegged to the deutschmark. Thatcher resigned as Prime Minister the following month, amid Conservative Party divisions arising partly from her increasingly Eurosceptic views. The United Kingdom and Italy were forced to withdraw from the ERM in September 1992, after the pound sterling and the lira came under pressure from currency speculation ("Black Wednesday").
Economy of Syria
Since the start of the Syrian Civil War in 2011, there has been a capital flight to nearby countries. Syria has been subject to sanctions by US, Canada, EU, Arab League and Turkey because of the civil war. The currency of Syria is the Syrian pound (SYP). The pound's exchange rate has deteriorated significantly, falling from 47 SYP for US$1 in March 2011 to 515 SYP for US$1 in July 2017.
One pound (British coin)
The original, round £1 coin replaced the Bank of England £1 note, which ceased to be issued at the end of 1984 and was removed from circulation on 11 March 1988, though still redeemable at the Bank's offices, like all English banknotes. One-pound notes continue to be issued in Jersey, Guernsey and the Isle of Man, and by the Royal Bank of Scotland, but the pound coin is much more widely used. A new, dodecagonal (12-sided) design of coin was introduced on 28 March 2017 and both new and old versions of the one pound coin circulated together until the older design was withdrawn from circulation on 15 October 2017. After that date, the older coin could only be redeemed at banks, although some retailers announced they would continue to accept it for a limited time. The round pound remains legal tender on the Isle of Man.
Pound sterling
The currency sign for the pound is £, which is usually written with a single cross-bar (as on sterling bank notes), though a version with a double cross-bar (₤) is also sometimes seen. This symbol derives from medieval Latin documents; the Roman words "libra", "solidus", and "denarius" (£sd) referred to pounds, shillings and pence in the British pre-decimal (duodecimal) currency system and the black-letter "L" was the abbreviation for "libra", the basic Roman unit of weight.
Economic history of the United Kingdom
The British pound was tied to EU exchange rates, using the Deutsche Mark as a basis, as part of the Exchange Rate Mechanism (ERM); however, this resulted in disaster for Britain. The restrictions imposed by the ERM put pressure on the pound, leading to a run on the currency. Black Wednesday in September 1992 ended British membership of the ERM. It also damaged the credibility of the Conservative's reputation for economic competence, and contributed to the end of the 18 years of consecutive Conservative government in 1997. The party had long been divided over European issues and many of these rifts within the party had still not been mended by 1997.
Pound sterling
The idea of replacing the pound with the euro was always controversial with the British public, partly because of the pound's identity as a symbol of British sovereignty and because it would, according to many critics, have led to suboptimal interest rates, harming the British economy. In December 2008, the results of a BBC poll of 1000 people suggested that 71% would vote no to the euro, 23% would vote yes, while 6% said they were unsure. The pound did not join the Second European Exchange Rate Mechanism (ERM II) after the euro was created. Denmark and the UK have opt-outs from entry to the euro. Theoretically, every other EU nation must eventually sign up.
Wales
The pound sterling is the currency used in Wales. Numerous Welsh banks issued their own banknotes in the 19th century. The last bank to do so closed in 1908; since then, although banks in Scotland and Northern Ireland continue to have the right to issue banknotes in their own countries, the Bank of England has a monopoly on the issue of banknotes in Wales. The Commercial Bank of Wales, established in Cardiff by Sir Julian Hodge in 1971, was taken over by the Bank of Scotland in 1988 and absorbed into its parent company in 2002. The Royal Mint, who issue the coinage circulated through the whole of the UK, have been based at a single site in Llantrisant since 1980. Since decimalisation, in 1971, at least one of the coins in UK circulation has depicted a Welsh design, e.g. the 1995 and 2000 one Pound coin (above). However, Wales has not been represented on any coin minted from 2008.
Digital currency
UK
£sd
As countries of the British Empire became independent, some abandoned the £sd system quickly, while others retained it almost as long as the UK itself. Australia, for example, only changed to using a decimal currency on 14 February 1966. Still others, notably Ireland, decimalised only when the UK did. The UK abandoned the old penny on Decimal Day, 15 February 1971, when one pound sterling became divided into 100 new pence. This was a change from the system used in the earlier wave of decimalisations in Australia, New Zealand, Rhodesia and South Africa, in which the pound was replaced with a new major currency called either the "dollar" or the "rand". The British shilling was replaced by a 5 new pence coin worth one-twentieth of a pound.
Banknotes of the pound sterling
The Guernsey Pound is legal tender in Guernsey, but also circulates freely in Jersey. These pounds are sterling pounds but the word "sterling" is omitted on banknotes, as on the English ones. It is also accepted in the UK. These notes can also be exchanged in banks and in bureaux de change although it has been reported that British banks no longer accept £1 Guernsey banknotes because they no longer have the facility for handling £1 UK banknotes. In addition to coins, the following banknotes are used:
Manx pound
In an attempt to resolve this problem, a proposal was introduced to abandon the separate Manx coinage in favour of British coins. This was rejected by the House of Keys in 1834, but they were overruled by the British Government in 1839. An Act was passed declaring that "... the currency of Great Britain shall be and become, and is hereby declared to be, the currency of the Isle of Man", and this remains Manx law to this day. This change was resented: some islanders felt defrauded, and there was serious rioting in Douglas and Peel. These were known as the "Copper Row" riots, and were put down by the Manx militia.
Pound sign
Until 2017 the logo of the UK Independence Party, a British political party, was based on the pound sign, symbolising the party's opposition to adoption of the Euro and to the European Union generally.
Gibraltar pound
The Gibraltar pound (currency sign: £; banking code: GIP) is the currency of Gibraltar. It is pegged to – and exchangeable with – the British pound sterling at par value. Gibraltar pound coins are minted notes printed by the Government of Gibraltar.
Banknotes of the pound sterling
In April 2013, the Bank of England announced that its next planned new note issue, intended to be the £5 note in 2016, would feature former British Prime Minister Winston Churchill. The selection of Churchill to replace Elizabeth Fry raised some debate about the representation of women on British banknotes, with critics raising concerns that Bank of England notes would portray exclusively male figures, other than Elizabeth II who appears on every sterling banknote and coin. In July 2013 it was announced that the Series F £10 note design would bear a portrait of 19th century author Jane Austen. In 2015, the Bank announced that they were accepting suggestions from the public for a figure from the visual arts to appear on the £20 note to replace Adam Smith, with the new note to be introduced in 2020. In April 2016, it was announced that J. M. W. Turner had been selected to appear on the new £20 note.
Economy of the United Kingdom
The UK chose not to join the euro at the currency's launch. The government of former Prime Minister Tony Blair had pledged to hold a public referendum to decide on membership should "five economic tests" be met. Until relatively recently there was debate over whether or not the UK should abolish its currency and adopt the euro. In 2007 the Prime Minister, Gordon Brown, pledged to hold a public referendum based on certain tests he set as Chancellor of the Exchequer. When assessing the tests, Gordon Brown concluded that while the decision was close, the United Kingdom should not yet join the euro. He ruled out membership for the foreseeable future, saying that the decision not to join had been right for the UK and for Europe. In particular, he cited fluctuations in house prices as a barrier to immediate entry. Public opinion polls have shown that a majority of Britons have been opposed to joining the single currency for some considerable time, and this position has hardened further in the last few years. In 2005, more than half (55%) of the UK were against adopting the currency, while 30% were in favour. The possibility of joining the euro has become a non-issue since the referendum decision to withdraw from the European Union.
Denmark
Denmark's currency, the "krone" (DKK), is pegged at approximately 7.46 kroner per euro through the ERM II. Although a September 2000 referendum rejected adopting the euro, the country follows the policies set forth in the Economic and Monetary Union of the European Union and meets the economic convergence criteria needed to adopt the euro. The majority of the political parties in the Folketing support joining the Economic and Monetary Union of the European Union|EMU, but since 2010 opinion polls have consistently shown a clear majority against adopting the euro. In May 2018, 29% of respondents from Denmark in a Eurobarometer opinion poll stated that they were in favour of the EMU and the euro, whereas 65% were against it.
Pound sterling in the South Atlantic and the Antarctic
The United Kingdom possesses a number of islands in the South Atlantic Ocean as well as a section of the Antarctic continent. These territories are St. Helena with Ascension Island and Tristan da Cunha, the Falkland Islands, South Georgia and the South Sandwich Islands, and the British Antarctic Territory. The official currency in these territories is either Pound sterling or a local currency that evolved from sterling and is at a fixed one-to-one parity with sterling.
United Kingdom and the euro
In June 2003, Brown stated that the best exchange rate for the UK to join the euro would be around 73 pence per euro. On 26 May 2003, the euro had reached 72.1 pence, a value not exceeded until 21 December 2007. During the final months of 2008, the pound declined in value dramatically against the euro. The euro rose above 80 pence and peaked at 97.855 pence on 29 December 2008. This compares with its value between March and October 2008, when the value of the euro was about 78 pence, and its value of about 70 pence between April 2003 and August 2007. With the impact of the global financial crisis of 2008 on the British economy, including failing banks and plunging UK property values, some British analysts stated that adopting the euro was far preferable to any other possible solutions for Britain's economic problems. There was some media discussion about the possibility of adopting the euro. On 29 December 2008, the BBC reported that the euro had reached roughly 97.7 pence, due to poorer economic forecasts. This report stated that many analysts believed that parity with the euro was only a matter of time.
Banknotes of the pound sterling
Bank notes are no longer redeemable in gold, and the Bank of England will only redeem sterling banknotes for more sterling banknotes or coins. The contemporary sterling is a fiat currency which is backed only by securities; in essence IOUs from the Treasury that represent future income from the taxation of the population. Some economists term this "currency by trust", as sterling relies on the faith of the user rather than any physical specie.
Grenadian dollar
Britain adopted the gold standard in 1821 and an imperial order-in-council of 1838 resulted in Grenada formally adopting the sterling currency in the year 1840. However, despite the circulation of British coins in Grenada, the silver pieces of eight continued to circulate alongside them and the private sector continued to use dollar accounts for reckoning. The international silver crisis of 1873 signalled the end of the silver dollar era in the West Indies and silver dollars were demonetized in Grenada in 1878. This left a state of affairs, in which the British coinage circulated, being reckoned in dollar accounts at an automatic conversion rate of 1 dollar = 4 shillings 2 pence.
United Kingdom and the euro
The currency of Gibraltar is the Gibraltar pound, issued by the Government of Gibraltar. Unofficially, most retail outlets in Gibraltar also accept the euro, though some payphones and the Royal Gibraltar Post Office, along with all other government offices, do not.
2014 Scottish independence referendum
The SNP favoured continued use of sterling in an independent Scotland through a formal currency union with the UK, with the Bank of England setting its interest rates and monetary policy and acting as its central bank. The white paper "Scotland's Future" identified five key reasons that a currency union "would be in both Scotland and the UK's interests immediately post-independence": Scotland's main trading partner is the UK (⅔ of exports in 2011); "companies operating in Scotland and the UK [...have] complex cross-border supply chains"; there is high labour mobility; "on key measurements of an optimal currency area, the Scottish and UK economies score well"; and short-term economic trends in the UK and Scotland have "a relatively high degree of synchronicity".
Pound sterling
By the 19th century the pound sterling was widely accepted outside Britain. The American Nellie Bly carried Bank of England notes on her 1889–1890 trip around the world in 72 days. During the late 19th and early 20th centuries, many other countries adopted the gold standard. As a consequence, conversion rates between different currencies could be determined simply from the respective gold standards. The pound sterling was equal to 4.85 United States dollars, 5.25 Canadian dollars, 12.10 Dutch guilders, 26.28 French francs (or equivalent currencies in the Latin Monetary Union), 20.43 German marks or 24.02 Austro-Hungarian krone. After the International Monetary Conference of 1867 in Paris, the possibility of the UK joining the Latin Monetary Union was discussed, and a Royal Commission on International Coinage examined the issues, resulting in a decision against joining monetary union.
One pound (British coin)
The British one pound (£1) coin is a denomination of the pound sterling. Its obverse bears the Latin engraving ELIZABETH II D G REG “Dei Gratia Regina” meaning, “Elizabeth II, by the grace of God, Queen” and F D meaning "Fidei defensor", Defender of the Faith. It has featured the profile of Queen Elizabeth II since the original coin's introduction on 21 April 1983. Four different portraits of the Queen have been used, with the latest design by Jody Clark being introduced in 2015. The design on the reverse side of the current, 12-sided coin features four emblems to represent each of the nations of the United Kingdom – the English rose, the leek for Wales, the Scottish thistle, and the shamrock for Northern Ireland – emerging from a single stem within a crown.
Coins of the pound sterling
Coins from the British dependencies and territories that use the pound as their currency are sometimes found in change in other jurisdictions. Strictly, they are not legal tender in the United Kingdom; however, since they have the same specifications as UK coins, they are sometimes tolerated in commerce, and can readily be used in vending machines.
Threepence (British coin)
The British threepence (3d) coin, usually simply known as a threepence or threepenny bit, was a unit of currency equaling one eightieth of a pound sterling, or three old pence sterling. It was used in the United Kingdom, and earlier in Great Britain and England. Similar denominations were later used throughout the British Empire, notably in Australia, New Zealand, and South Africa.
Coins of the pound sterling
The currencies of the British overseas territories of Gibraltar, The Falkland Islands and Saint Helena/Ascension — namely the Gibraltar pound, Falkland Islands pound and Saint Helena pound — are pegged one-to-one to the pound sterling but are technically separate currencies. These territories issue their own coinage, again with the same denominations and specifications as the UK coinage but with local designs, as coins of the Gibraltar pound, coins of the Falkland Islands pound and coins of the Saint Helena pound.
List of people on banknotes
Currency: Rupee (since 1872)Symbol: (රු, Rs, ரூ)"See also Sri Lankan rupee".
Currency: Lilangeni/Emalangeni (since 1974)Symbol: L or E (pl.)"See also Swazi lilangeni."
Currency: Krona (since 1873)Symbol: kr"See also Swedish krona."
Currency: Franc (since 1850)Symbol: Fr."See also Banknotes of the Swiss franc and Swiss franc."
Currency: Pound (LS or £S; since 1919)"See also Syrian pound".
Currency: New Taiwan Dollar (since 1949)Symbol: $"See also Fifth series of the new Taiwan dollar banknote and New Taiwan dollar."
Currency: Shilling (since 1966)Symbol: TSh"See also Tanzanian shilling."
Currency: Somoni (since 1999)Symbol: cомонӣ"See also Tajikistani somoni."
Currency: Baht (since 1925)Symbol: ฿"See also Thai baht."
Currency: Paʻanga (since 1967)Symbol: T$"See also Tongan pa'anga."
 Currency: Ruble (since 1994)Symbol: "See also Transnistrian ruble."
Currency: Dinar (since 1960)Symbol: DT"See also Tunisian dinar."
Currency: Lira (since 2009)Symbol: TL/"See also Banknotes of Turkey and Turkish lira."
Currency: New manat (since 2009)Symbol: T"See also Turkmenistan manat."
Currency: Hryvnia (pl. Hryvni and Hryven') (since 1996)Symbol: ₴"See also Banknotes of the Ukrainian hryvnia and Ukrainian hryvnia."
Currency: Pound sterling (England since 1158; Scotland since 1695)Symbol: £"See also Banknotes of the pound sterling and Pound sterling."
Pound sterling
The British Crown dependencies of Guernsey, Jersey and the Isle of Man produce their own local issues of sterling (the Guernsey pound, the Jersey pound and the Manx pound) which are considered fully equivalent to UK sterling in their respective regions. The pound sterling is also used in Gibraltar (alongside the Gibraltar pound), the Falkland Islands (alongside the Falkland Islands pound), Saint Helena and Ascension Island in Saint Helena, Ascension and Tristan da Cunha (alongside the Saint Helena pound). The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England; local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value.
Bank of England £5 note
The Bank of England is responsible for printing and issuing notes to ensure a smooth monetary supply across the United Kingdom. It reports the number of notes in circulation at any given time. The £5 note circulation peaked in 1979 before the £50 was re-introduced.
Stroud pound
The Stroud Pound is a local currency in use in Stroud, Gloucestershire. Unveiled on 12 September 2009, the scheme is the third local currency scheme introduced in England in recent years after the Totnes Pound and the Lewes Pound.
GBP (disambiguation)
GBP is the ISO 4217 currency code for the pound sterling, the British currency.
London Stock Exchange
There are currently 2,600 companies from over 60 countries listed on London Stock Exchange, of which 1151 are on AIM, 44 on the Professional Securities Market and 10 on the Specialist Funds Market. Pence sterling (GBX) is a subdivision of Pounds sterling (GBP). Pounds sterling are the UK's major currency unit, but pence are often used when quoting prices; e.g. a quoted price of GBX 2,360 is equivalent to £23.60.
Cheque
Although the UK did not adopt the euro as its national currency when other European countries did in 1999, many banks began offering euro denominated accounts with chequebooks, principally to business customers. The cheques can be used to pay for certain goods and services in the UK. The same year, the C&CCC set up the euro cheque clearing system to process euro denominated cheques separately from sterling cheques in Great Britain.
Coins of the pound sterling
The pound sterling is also the official currency of the British overseas territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. South Georgia and the South Sandwich Islands produces occasional special collectors' sets of coins. In 2008, British Antarctic Territory issued a £2 coin commemorating the centenary of Britain's claim to the region.
United Kingdom and the euro
The Sovereign Base Areas of Akrotiri and Dhekelia on the island of Cyprus introduced the euro at the same time as the Republic of Cyprus, on 1 January 2008. Previously, they used the Cypriot Pound. Since the independence of Cyprus, treaties dictate that British territories in Cyprus will have the same currency as the Republic of Cyprus. These are the only places under British control where the euro is legal tender. They do not issue separate euro coins. Following the British vote to withdraw from the EU in June 2016, Ioannis Kasoulidis, Foreign Minister of Cyprus, announced that Cyprus wished to have EU citizen privileges remain for these areas if the UK ceases to be a member.
2018 in England
Events from 2018 in England
Economy of Scotland
Government involvement in Scotland's economy is on the whole exercised by the UK Government and the Scottish Government via HM Treasury, respectively headed by the Chancellor of the Exchequer, and the Cabinet Secretary for Finance, Constitution and Economy, representing those two administrations which are responsible for reserved and devolved matters respectively. Since 1979, management of the UK economy (including Scotland) has followed a broadly laissez-faire approach. The Bank of England is Scotland's central bank and its Monetary Policy Committee is responsible for setting interest rates. The currency of Scotland is the Pound Sterling, which is also the world's third-largest reserve currency after the US dollar and the euro. Scotland (as a constituent country of the UK) is a member of the Commonwealth of Nations, the European Union, the G7, the G8, the G20, the International Monetary Fund, the Organisation for Economic Co-operation and Development, the World Bank, the World Trade Organization, Asian Infrastructure Investment Bank and the United Nations.
Swedish krona
The krona (; plural: "kronor"; sign: kr; code: SEK) is the official currency of Sweden. Both the ISO code "SEK" and currency sign "kr" are in common use; the former precedes or follows the value, the latter usually follows it but, especially in the past, it sometimes preceded the value. In English, the currency is sometimes referred to as the Swedish crown, as "krona" literally means crown in Swedish. The Swedish krona was the ninth-most traded currency in the world by value in April 2016.
Economy of Wales
As in the rest of the United Kingdom, the currency used in Wales is the Pound, represented by the symbol "£". The Bank of England is the central bank, responsible for issuing currency, and retains responsibility for monetary policy and is the central bank of the UK. The Royal Mint, which issues the coinage circulated over the whole of the UK, has been based at a single site in Llantrisant, south Wales since 1980, having progressively transferred operations from their Tower Hill, London site from 1968.
United Kingdom and the euro
The United Kingdom entered the European Exchange Rate Mechanism (ERM), a prerequisite for adopting the euro, in October 1990. The UK spent over £6 billion trying to keep its currency, the pound sterling, within the narrow limits prescribed by ERM, but was forced to exit the programme within two years after the pound sterling came under major pressure from currency speculators. The ensuing crash of 16 September 1992 was subsequently dubbed "Black Wednesday." During the negotiations of the Maastricht Treaty of 1992, the UK secured an opt-out from adopting the euro.
Bank of England £50 note
The Bank of England £50 note is a banknote of the pound sterling. It is the highest denomination of banknote issued for public circulation by the Bank of England. The current cotton note, first issued in 2011, bears the image of Queen Elizabeth II on the obverse and the images of engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton on the reverse.
Coins of the pound sterling
The first decimal coins were circulated in 1968. These were the five pence (5p) and ten pence (10p), and had values of one shilling (1/-) and two shillings (2/-), respectively, under the pre-decimal £sd system. The decimal coins are minted in copper-plated steel (previously bronze), nickel-plated steel, cupronickel and nickel-brass. The two-pound coins, and, as from 28 March 2017 the new one-pound coins, are bimetallic. The coins are discs, except for the twenty pence and fifty pence pieces, both of which have faces that are heptagonal curves of constant width, and the new one-pound coins, which have faces with 12 sides. All the circulating coins have an effigy of Queen Elizabeth II on the obverse, and various national and regional designs, and the denomination, on the reverse. The circulating coins, excepting the two-pound coin, were redesigned in 2008, keeping the sizes and compositions unchanged, but introducing reverse designs that each depict a part of the Royal Shield of Arms and form (most of) the whole shield when they are placed together in the appropriate arrangement (see photo). The exception, the 2008 one-pound coin, depicts the entire shield of arms on the reverse. All current coins carry a Latin inscription whose full form is , meaning "Elizabeth II, by the grace of God, Queen and Defender of the Faith".
Coins of the pound sterling
The traditional bullion coin issued by Britain is the gold sovereign, formerly a circulating coin with a face value of one pound. The Royal Mint continues to produce gold sovereigns and half sovereigns, with 2013 list prices of, respectively, £495 and £250.
Eurocurrency
The four main Eurocurrencies are the US dollar, the Euro, the British pound and the Japanese yen; the currencies of the major economies of the world.
£sd
£sd (occasionally written Lsd, spoken as "pounds, shillings and pence" or pronounced /ɛlɛsˈdiː/ ell-ess-dee) is the popular name for the pre-decimal currencies once common throughout Europe, especially in the British Isles and hence in several countries of the British Empire and subsequently the Commonwealth. The abbreviation originates from the Latin currency denominations "librae", "solidi", and "denarii". In the United Kingdom, which was one of the last to abandon the system, these were referred to as "pounds", "shillings", and "pence" ("pence" being the plural of "penny").
ISO 4217
In addition, GBX is sometimes used (for example on the London Stock Exchange) to denote Penny sterling, a subdivision of pound sterling, the currency for the United Kingdom.
Coins of the pound sterling
In 2008, UK coins underwent an extensive redesign, which changed the reverse designs, and some other details, of all coins except the £2. The original intention was to exclude both the £1 and £2 coins from the redesign because they were "relatively new additions" to the coinage, but it was later decided to include the £1 coin. This was the first wholesale change to British coinage since the first decimal coins were introduced in April 1968.
The new coins were initially to be put into circulation in early 2008, although they did not actually start to appear until mid-2008.
South African pound
The pound (symbol £) was the currency of the Union of South Africa from the creation of the country as a British Dominion in 1910. It was replaced by the rand in 1961, the same year that South Africa became a republic.
Premiership of Tony Blair
The Blair ministry decided against joining the Eurozone, and adopting the euro as the currency to replace the pound sterling. This decision was generally supported by the British public, and by all political parties in the UK, as well as the media.
Banknotes of the pound sterling
Sterling banknotes are official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha in St Helena, Ascension and Tristan da Cunha. One pound is equivalent to 100 pence. Three British Overseas Territories also have currencies called pounds which are at par with the pound sterling.
In most countries of the world the issue of banknotes is handled exclusively by a single central bank or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England; sterling banknote issue is thus not automatically tied in with one national identity or the activity of the state. The arrangements in the UK are unusual, but comparable systems are used in Hong Kong and Macao, where three and two banks respectively issue their own banknotes in addition to their respective governments.
Currency Act 1982
Following Decimal Day in 1971, when the British monetary system changed from pound/shilling/penny to the metric £1 = 100p system, the new currency was known as the "new pound" and therefore the "new pence". By 1982, the use of "new pence" was out of use, and replaced with "penny".
Shilling (English coin)
The English shilling was a silver coin of the Kingdom of England, when first introduced known as the testoon. It remained in circulation until it became the British shilling as the result of the Union of England and Scotland to form the Kingdom of Great Britain in 1707.
There were twenty shillings to the pound sterling and twelve pence to the shilling, and thus 240 pence to the pound.
Landmarks of Britain
Landmarks of Britain is a series of silver bullion coins produced by the Royal Mint in the United Kingdom. The first coin was released in 2017 and features a design of Big Ben previously used on a £100 coin released in 2015.
The second and third coins, both released in 2018, feature Tower Bridge and Trafalgar Square. The next coin is expected to portray Buckingham Palace. The coin has a maximum mintage of 50,000. The same designs appeared on a four coin proof set in 2014, these had trichromatic colour-printing and had a mintage of only 3,500 sets.
Exeter
A £30 million improvement scheme for the flood defences was approved in March 2015. The plans involve the removal of check weirs and a deeper, "meandering stream" in the centre of the drainage channels to improve flow. The plans followed a study by the Environment Agency that revealed weaknesses in the current defences. A community currency for the city, the Exeter Pound, was introduced in 2015 and dissolved in 2018.
Twenty pence (British coin)
The British decimal twenty pence (20p) coin – often pronounced "twenty pee" – is a unit of currency equal to 20/100 of a pound sterling. Like the 50p coin, it is an equilateral curve heptagon. Its obverse has featured the profile of Queen Elizabeth II since the coin's introduction on 9 June 1982. Four different portraits of the Queen have been used; the latest design by Jody Clark was introduced in 2015. The second and current reverse (as of 2017), featuring a segment of the Royal Shield, was introduced in 2008.
United Kingdom and the euro
There was a fairly steady decline in the euro rate during 2013, 2014 and 2015 from 85 pence to 70 pence. During 2016, the pound declined against several currencies, meaning the euro rose, especially on 24 June 2016 (because of the EU referendum) when the euro rose from 76 pence to 82 pence and further the following days.
List of British currencies
A variety of currencies are tender in the United Kingdom, its overseas territories and crown dependencies. This list covers all of those currently in circulation.
2018 United Kingdom budget
The 2018 United Kingdom budget was delivered by Philip Hammond, the Chancellor of the Exchequer, to the House of Commons on Monday, 29 October 2018. It was Hammond's third as Chancellor of the Exchequer since being appointed to the role in July 2016. Following the budget in March 2017 the government moved the annual budget to the Autumn, with the next budget held on 22 November. On 26 September 2018, Hammond announced that the 2018 budget would be held earlier, in October, so as to avoid clashing with the final stage of Brexit negotiations. On 28 October he suggested that a second budget would be needed in the event of a failure to negotiate a Brexit deal, since the scenario would require a "different response", with a need for "fiscal buffers" to provide support for the economy.
Pound sterling
The ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, and the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound". Occasionally, the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB (see Terminology of the British Isles). The Crown dependencies use their own (non-ISO) codes: GGP (Guernsey pound), JEP (Jersey pound) and IMP (Isle of Man pound). Stocks are often traded in pence, so traders may refer to pence sterling, GBX (sometimes GBp), when listing stock prices.
English independence
Advocates of English sovereignty claim that a sovereign England would enjoy one of the world's strongest economies, with an estimated GDP of US$2.865 trillion as of 2015, making it the world's 5th, 6th, or 7th largest economy depending on measurement. It is also claimed that England would be the 15th wealthiest nation in the world, with a GDP per capita of US$33,999 in 2015. The equivalent figures are $30,783 for Scotland, $23,397 for Wales, and $24,154 for Northern Ireland, or $27,659 for the UK minus England.
Coins of the pound sterling
The standard circulating coinage of the United Kingdom is denominated in pounds sterling (symbol "£"), and, since the introduction of the two-pound coin in 1994 (to celebrate the 300th anniversary of the Bank of England 1694–1994), ranges in value from one penny to two pounds. Since decimalisation, on 15 February 1971, the pound has been divided into 100 (new) pence. From the 16th century until decimalisation, the pound was divided into 20 shillings, each of 12 (old) pence. British coins are minted by the Royal Mint in Llantrisant, Wales. The Royal Mint also commissions the coins' designs.
Banknotes of the pound sterling
The Falkland Islands pound is the currency of the Falkland Islands. Banknotes are issued by the Falkland Islands Government. The illustrations on all notes are the same, featuring the British monarch, wildlife and local scenes; denominations are distinguished by the size and colour of the notes.
Sovereign (English coin)
The English gold sovereign was a gold coin of the Kingdom of England first issued in 1489 under King Henry VII. While the coin typically had a nominal value of one pound sterling, or twenty shillings, the sovereign was primarily an official piece of bullion and had no mark of value on its face. The name derives from the large size and majestic portrait of the monarch, with the obverse of the first sovereigns showing the king full face, sitting on a throne, while the reverse shows the Royal Arms of England and a Tudor double rose.
Economy of the United Kingdom
The currency of the UK is the pound sterling, represented by the symbol "£'. The Bank of England is the central bank, responsible for issuing currency. Banks in Scotland and Northern Ireland retain the right to issue their own notes, subject to retaining enough Bank of England notes in reserve to cover the issue. The pound sterling is also used as a reserve currency by other governments and institutions, and is the third-largest after the US dollar and the euro.
Economy of the United Kingdom
Average for each year, in USD (US dollar) and EUR (euro) per GBP; and inversely: GBP per USD and EUR. (Synthetic Euro XEU before 1999). These averages conceal wide intra-year spreads. The coefficient of variation gives an indication of this. It also shows the extent to which the pound tracks the euro or the dollar. Note the effect of Black Wednesday in late 1992 by comparing the averages for 1992 and for 1993.
Falkland Islands pound
The Pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, "£", or alternatively "FK£", to distinguish it from other pound-denominated currencies. The ISO 4217 currency code is "FKP".
United Kingdom and the euro
The wording of the question may have varied, but the figures showed that a majority of British people have been consistently against adopting the euro. 
If the UK had joined the eurozone, this would also have affected the Crown dependencies and some British overseas territories that also use the pound sterling, or which have a currency on a par with sterling. In the Crown Dependencies, the Isle of Man, Jersey, Guernsey, and Alderney, pounds all share the ISO 4217 code GBP. In the British Overseas Territories, the Gibraltar, Falkland Islands, British Indian Ocean Territory and Saint Helena, pounds are also fixed so that £1 in the local currency equals £1 in sterling. The British Antarctic Territory and South Georgia and the South Sandwich Islands do not have their own currencies and use the pound sterling.
Twenty pounds (British coin)
There has been four editions of the welsh dragon twenty pound coin. The first two being in 2016, the first was with a card featuring the dragon and the other was the coin on a view of the Royal Mint visitor centre. In 2017 the welsh dragon twenty pound coin was struck again featuring the Royal Mint visitor centre on the card. This happened again in 2018 with coin placed on another view of the visitor centre. These 2016, 2017 and 2018 Royal Mint Experience editions were only available from the Royal Mint gift shop.
European Union (Approval of Treaty Amendment Decision) Act 2012
The European Union (Approval of Treaty Amendment Decision) Act 2012 (c. 15) was an Act of the Parliament of the United Kingdom which under section 3 of the European Union Act 2011 approved the European Council decision of 25 March 2011 amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the euro. It was passed by Parliament on 10 October 2012 and received royal assent on 31 October 2012.
Private currency
England has had the Totnes pound since it was launched by Transition Towns Totnes Economics and Livelihoods Group in March 2007; A Totnes Pound is equal to one pound sterling and is backed by sterling held in a bank account. As at September 2008, about 70 businesses in Totnes were accepting the Totnes Pound. Other local currencies launched since then include the Lewes Pound (2008), the Brixton Pound (2009), the Stroud Pound (2009) and the Bristol Pound, which also allows for electronic payments.
Five pounds (British coin)
The British five pound (£5) coin is a commemorative denomination of the pound sterling. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction in 1990. Two different portraits of the Queen have graced the coin, with the latest design by Ian Rank-Broadley being introduced in 1998. The coin has no standard reverse; instead it is altered each year to commemorate important events. Variant obverses have also been used on occasion.
History of European Union–United Kingdom relations
In 1979, the United Kingdom opted out of the newly formed European Monetary System (EMS), which was the precursor to the creation of the euro currency.
Sovereign Currency Act of 2018
Sovereign Currency Act of 2018 is a statute of the Legislature of the Marshall Islands which was passed on February 26, 2018. The Act creates and issues a digital decentralized currency (“cryptocurrency”) that will be used as the legal tender of the Republic of the Marshall Islands (RMI).
World currency
Before 1944, the world reference currency was the United Kingdom's pound sterling. The transition between pound sterling and United States dollar and its impact for central banks was described recently.
Fifty pounds (British coin)
The fifty pound coin (£50) is a commemorative coin of the pound sterling. Issued for the first time by the Royal Mint in 2015 and sold at face value, fifty pound coins hold legal tender status but are intended as collectors' items and are not found in general circulation. 100,000 coins will be produced in limited edition presentation.
£sd
Even today, and for all time, bank notes that are no longer legal tender, including those that were issued pre-decimalisation, are exchangeable for their face value (regardless of the possible greater worth if sold or auctioned) if they are taken directly (or posted) to the Bank of England building in Threadneedle Street, London. The last £sd coins to cease being legal tender in the UK after decimal day were the Sixpence (withdrawn 1980), the Shilling (withdrawn 1991) and the Florin (withdrawn 1993). In Australia, as of 2018, these coins can still be found in circulation occasionally as 5, 10 and 20 cent coins. The last £sd bank note to cease to be legal tender anywhere in the world was the Isle of Man ten shilling note, which ceased to be legal tender there in 2013.
United Kingdom and the euro
Aside from approval in a domestic referendum, the UK would be required to meet the euro convergence criteria before being granted approval to adopt the euro. As of the last report by the European Central Bank in May 2018, the UK met 1 of 5 of the criteria.
Irish pound
31 December 1998, the exchange rates between the European Currency Unit and the Irish pound and 10 other EMS currencies (all but the pound sterling, the Swedish krona and the Danish krone) were fixed. The fixed conversion factor for the Irish pound was €1 = IR£0.787564. On the next day, a virtual euro was introduced and the exchange rate was GB£1 = €1.42210, making GB£1 ≈ IR£1.12. By 1 January 2002, the day when euro cash was introduced, GB£1 was worth about IR£1.287. Following the appreciation of the euro since its launch and the fall of Sterling in 2007–2009, as of May 2012, GB£1 was worth about the equivalent of IR£0.98.
South Georgia and the South Sandwich Islands
The pound sterling is the official currency of the islands, and the same notes and coins are used as in the United Kingdom. For more information on British currency in the wider region, see Pound sterling in the South Atlantic and the Antarctic.
Currency Act 1982
The Currency Act 1982 (c 3) is an Act of the Parliament of the United Kingdom.
Syrian pound
The Syrian pound or Syrian lira ( ; ; sign: LS or £S; code: SYP) is the currency of Syria and is issued by the Central Bank of Syria. The pound is subdivided into 100 qirsh (Arabic: قرش plural: قروش, "qurūsh", piastres in English or French), although coins in qirsh are no longer issued.
Pound sterling
At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted. The pound sterling is the world's oldest currency still in use and which has been in continuous use since its inception.
One hundred pounds (British coin)
The one hundred pound coin (£100) is a commemorative coin of the pound sterling. Issued for the first time by the Royal Mint in 2015 and sold at face value, one hundred pound coins hold legal tender status but are intended as collectors' items and are not found in general circulation.
Redenomination
The currency was decimalised in all countries where a pounds-shillings-pence £sd system (£1 = 20 shillings = 240 pence) was previously used. Several countries chose to change the main currency unit at the same time. By defining 1 dollar = £0.5 = 100 cents, 1 shilling would conveniently turn into 10 cents.
When countries form a monetary union, redenomination may be required. The conversion ratio is often not a round number, and may be less than 1.
Euro cash was introduced in 2002.
This table lists various currency redenominations that have occurred, including currency renaming where the conversion rate is 1:1, but excluding decimalisation and joining the eurozone, already listed on the table above.
Pound sterling
The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. It is subdivided into 100 "pence" (singular: "penny", abbreviated: "p"). A number of nations that do not use sterling also have currencies called the "pound".
Reserve currency
Since 2006, with the exception of 2012, Sterling is the third most widely held reserve currency, having seen a resurgence in popularity in recent years, growing from about 2.5% to around 4% of all currency reserves. Analysts said this resurgence was caused by carry-trade investors considering the pound as a stable high-yield proxy to the euro, and by the position of 
London in world financial affairs.
Economic history of the United Kingdom
Growth rates were consistently between 1.6% and 3% from 2000 to early 2008. Inflation though relativity steady at around 2%, did rise in the approach to the financial crash. The Bank of England's control of interest rates was a major factor in the stability of the British economy over that period. The pound continued to fluctuate, however, reaching a low against the dollar in 2001 (to a rate of $1.37 per £1), but rising again to a rate of approximately $2 per £1 in 2007. Against the Euro, the pound was steady at a rate of approximately €1.45 per £1. Since then, the effects of the Credit crunch have led to a slowdown of the economy. At the start of November 2008, for example, the pound was worth around €1.26; by the end of the year, it had almost approached parity, dropping at one point below €1.02 and ending the year at €1.04.
Economy of the United Kingdom
The currency of the UK is the pound sterling, which is the world's fourth-largest reserve currency after the United States Dollar, the Euro and the Japanese Yen, and is also one of the 10 most-valued currencies in the world.